Mt.Gox just transferred at least 2.9 billion USD Bitcoin for the first time in 5 years

This is the first time in five years that Mt.Gox has moved assets out of his wallet.

Mt.Gox seems to have transferred at least 42,830 BTC worth about 2.9 billion USD from its cold wallet to an unknown address this morning, according to data from Arkham Intelligence. This is the first time in five years that Mt.Gox has moved assets out of its wallet.

The Bitcoin exchange that collapsed in 2014 transferred these assets through multiple transactions to an unspecified address at 10:00 Vietnam time.

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This move marks the first time in five years that Mt.Gox has transferred assets out of its wallet. Mt.Gox still holds around 9.42 billion USD worth of Bitcoin in wallets designated for monitoring by Arkham.

In September 2023, the manager of Mt.Gox announced that the repayment deadline had been extended by another 12 months to October 31, 2024.

For those who don't know, Mt.Gox is a Bitcoin exchange based in Shibuya, Tokyo. It was launched in July 2010 and in the years 2013 and 2014. As the largest Bitcoin intermediary, it processed over 70% of all bitcoin (BTC) transactions worldwide.

On February 7, 2014, Mt.Gox suspended all Bitcoin withdrawal transactions, declaring it a temporary measure to improve the currency withdrawal process. A few weeks later, on February 24, 2014, the exchange ceased operations. During the same week, a leaked company document claimed that hackers had attacked Mt.Gox and stolen 744,408 Bitcoins belonging to users on Mt.Gox, as well as 100,000 Bitcoins belonging to the company, leading to the exchange declaring insolvency.

On February 28th, Mt.Gox filed for bankruptcy protection in Japan and the US two weeks later. Currently, after 10 years, many Mt.Gox users have still not recovered the lost amount of Bitcoin.

VIC Crypto Digest