Bankrupt exchange Mt. Gox moved $1 billion worth of Bitcoin to its hot wallet and an unmarked address, coinciding with the premier asset’s recent price rebound.
On-chain intelligence resource Arkham highlighted the latest development, which raised curiosity among the crypto community. The notable transaction saw Mt. Gox shift 11,501 BTC ($1.01 billion) to two new addresses late Monday.
Notably, the transfer coincided with Bitcoin’s recent rebound. The asset pushed close to $89,000 on Monday before closing around $87,000. At the time of writing, Bitcoin trades at $86,587.
Mt. Gox Shifts New Bitcoin
Per Arkham, Mt. Gox moved 11,501 BTC from its new wallet “1Pazv.” It then transferred 10,608 BTC ($928 million) to an unidentified address, “1DcoA,” sparking speculations of another round of customer repayment.
Meanwhile, the new addresses sent the other 893 BTC ($77.3 million) to Mt. Gox’s hot wallet “1Jbez.” Notably, the receiving address has moved the bitcoins to another wallet, “1FodP,” which still holds the asset at the time of writing.
For context, the Monday transfer is Mt. Gox’s third significant transaction since the start of the month. Data shows it moved 12,000 BTC ($1 billion) on March 6 and 11,833 BTC ($905 million) five days after.
Shift to Exchange or a Mere Shuffle?
Notably, the “1Pazv” wallet from which Mt. Gox moved the funds yesterday received the 11,501 BTC from another address tied to the exchange two weeks ago. Notably, address “1Mo1n” received around 11,834 BTC from another Mt. Gox wallet on March 6 and moved it to the sending address today, which Arkham branded an unmarked address at the time.
As a result, speculations have emerged that today’s transfer may also be part of another Mt. Gox internal wallet shift and may not be related to the creditor distribution. Meanwhile, Spot On Chain reported today that some of Mt. Gox’s last transactions ended up in the crypto exchange Bitstamp.
Mt. Gox has made considerable progress in its repayment process, which kickstarted in July 2024. Notably, the bankrupt exchange controlled over 70% of all Bitcoin trades while it was functional, cementing its position as the largest platform back in the day before its collapse.
As the bankruptcy proceedings progress, last October, the trustees in charge of Mt. Gox’s restructuring moved its repayment by one year, giving customers yet to complete the reimbursement requirements ample room to do so.
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