Mt. Gox Moves $172M in Bitcoin to New Wallets as BTC Reaches New ATH Above $107K

Highlights:

• Mt. Gox recently transferred 1,691.6 BTC worth $172.2 million to two untagged addresses.
• Despite recent Bitcoin movements, the asset holds steady above $107,000, showing resilience.
• Mt. Gox’s repayment process faces delays, with creditors awaiting compensation by October 2025.

According to on-chain data analysis by Arkham Intelligence, Mt. Gox, a long-bankrupt crypto exchange, transferred 1,691.6 Bitcoins worth about $172.5 million to two unlabeled addresses. Large crypto movements from defunct exchanges and governments often trigger market FUD. This was evident when Mt. Gox and the German government moved substantial Bitcoin holdings. However, Bitcoin remains steady today despite recent uncertainties. The leading asset holds above $107,000 following Mt. Gox’s 1,620 BTC transfer on Tuesday.

This amount was split between two transfers. The defunct exchange sent 191.67 BTC ($20.4 million) to the address “bc1q6f.” It also transferred 1,427.8 BTC ($152.11 million) to the address “13JrY5.” The “13JrY5” address moved 1,320 BTC ($140.5 million) to another untagged address, “1DeYFX.” It also sent the remaining 108 BTC ($11.5 million) through multiple addresses to “1KLrcs.”

Mt Gox transferred 191.678 BTC to the new address: bc1q6h…gf9zaa at 10:19 UTC+8 today, worth about $20.42 million; and transferred 1,428 BTC to the new address: 13JrY5…MVZJCX, worth about $152 million. Currently, Mt Gox still holds 36,085 BTC, worth about $3.84 billion.…

— Wu Blockchain (@WuBlockchain) December 17, 2024

The latest transfers follow Mt. Gox moving over 24,000 BTC worth about $2.5 billion to an unknown address. This happened shortly after Bitcoin surpassed $100,000. Investors don’t appear concerned by these movements. BTC has stayed above $100,000 since Dec. 13.

Mt. Gox currently holds 36,085 BTC, valued at approximately $3.84 billion. The reason for the latest transfers by the long-defunct crypto exchange is unclear.

Mt. Gox’s Ongoing Bitcoin Repayment Process and Challenges

Mt. Gox, once the largest Bitcoin exchange, collapsed in 2014 after a hack stole 850,000 BTC. This event shook investor confidence and sparked years of legal battles. Creditors have been waiting for compensation, with delays caused by legal disputes and the challenges of handling Bitcoin’s growth.

In October, the trustee overseeing the bankrupt exchange’s Bitcoin holdings extended the deadline for creditor repayments to October 31 next year. The trustee stated that many creditors have not received their repayments because they have not completed the required procedures.

The company stated:

“Creditors still have not received their Repayments because they have not completed the necessary procedures for receiving Repayments. Additionally, a considerable number of rehabilitation creditors have not received their Repayments due to various reasons, such as issues arising during the Repayments process.”

Creditors will receive repayments in a mix of Bitcoin, Bitcoin Cash (BCH), and fiat currency. However, the process has faced challenges. One major hurdle has been the skyrocketing value of Bitcoin since Mt. Gox’s collapse.

Bitcoin Price Holds Strong

At the time of writing, Bitcoin is still trading at $107,021, reflecting a 2.34% increase in the past 24 hours. The pioneering crypto asset has kept its bullish momentum strong. It recently reached a new all-time high of $107,780. Bitcoin also achieved its highest-ever daily close at $105,750 yesterday.

Bitcoin has defied bearish predictions of a significant correction. For example, Rich Dad Poor Dad author Robert Kiyosaki speculated that Bitcoin could drop to $60,000 before its next bullish rally. However, the asset still shows more upside potential. Asset managers VanEck and Bitwise predict that Bitcoin could reach $180,000 and $200,000, respectively, by the end of next year.