Mt. Gox Moves $9.6 Billion in Bitcoin for First Time in Five Years

Mt. Gox Moves $9.6 Billion in Bitcoin for First Time in Five Years
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In a significant financial move, the Mt. Gox cryptocurrency exchange has transferred bitcoins valued at over $9.6 billion, marking its first activity of this magnitude in five years. This event involves the relocation of 141,658 BTC to a new address as reported by Whale Alert on May 28, 2024.

The now-defunct exchange, which famously collapsed in 2014 following a massive security breach, still held 137,892 BTC worth approximately $9.3 billion prior to these transactions. Several large transactions were noted, involving amounts of 3,999 BTC, 8,239 BTC, 14,057 BTC, 16,589 BTC, 32,137 BTC, 32,499 BTC, and 34,138 BTC.

According to Arkham Intelligence, ongoing withdrawals are being observed from the Mt. Gox wallet, indicating a continuous movement of funds out of the firm's accounts. The intentions behind these transfers remain unclear, with no official information about the aim—whether it pertains to settlement of claims or other purposes.

In a related update, Mt. Gox has announced that the trustee, Nobuaki Kobayashi, is preparing to commence the repayment of a portion of the claims, in line with a previously proposed plan. This update has sent ripples through the cryptocurrency market, with Bitcoin's value adjusting to approximately $67,490 after a 2% drop, now trading near $67,840 according to TradingView data.

This movement of funds is closely watched as the final deadline for claims compensation is set for October 31, 2024. Recall that Mt. Gox closed its operations in 2014 after a hack that resulted in the loss of 850,000 BTC. In late 2023, the exchange began making the first payouts to affected clients, signaling a slow but ongoing resolution to one of the most significant collapses in the history of cryptocurrency.