Mt. Gox Shifts $2B in BTC to New Accounts Amid Ongoing Debt Settlements
Defunct Bitcoin exchange Mt.Gox has moved 32,371 BTC worth an estimated $2.19 billion to three new addresses.
Several on-chain transaction trackers caught the movement, including Spot On Chain and Arkham Intelligence.
Bitcoin Transferred to New Wallets
Spot On Chain’s data shows the platform initially moved 30,371 BTC to a wallet starting with 1FG2…Rveoy. It then sent another 2,000 BTC, priced at nearly $130 million, to one of its known cold wallets, 1JbezD…EvhKLAPs6, before shifting most of it to an anonymous address, 15gNRV…Ca8Aok.
The transactions come only four days after Mt.Gox transferred 500 BTC to two unknown wallet addresses, bringing the total amount moved within the period to 32,871 BTC valued at $2.226 billion.
Spot On Chain also disclosed that the bankrupt exchange sent 296 BTC, worth an estimated $20.13 million, to digital asset managers B2C2 and OKX in what may be preparations to disburse the assets to creditors.
This latest transfer is the largest movement of funds from the exchange since September, when it shifted 33,023 BTC valued at $2.269 billion.
According to Arkham, Mt. Gox’s known addresses still hold over $3 billion in BTC. However, Spot On Chain quotes a much lower figure of 12,006 BTC, valued at a more modest $810 million.
Repayment Deadline Postponed
In early July, the Mt Gox trustee announced that the company had begun repaying creditors in Bitcoin and Bitcoin Cash (BCH). The terms included an account verification process and subscriptions to one of several digital asset exchanges selected to facilitate the disbursements.
A deadline had also been set for creditors to get their investments back by the end of October 2024, but it has now been rescheduled to October 31, 2025.
Mt Gox, which reportedly handled about 70% of all BTC assets at one point, gave several reasons for extending the repayment period. Its official statement mentioned that many creditors had not completed the necessary procedures for receiving repayments.
Moreover, the insolvent crypto platform cited a system issue that caused some creditors to get “double deposits,” urging them to return the extra funds.
Thousands of the creditors have already received their compensation, with the exchange’s trustee revealing in July that it had successfully distributed BTC and BCH to more than 17,000 former customers.
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