Mt. Gox, the once-dominant crypto exchange that faced a catastrophic collapse a decade ago, has resurfaced in the news yet again. This time, the exchange made a significant move by transferring over $1 billion in Bitcoin. According to Arkham Intelligence, on March 6, Mt. Gox shifted 12,000 BTC with a remarkably low transaction fee of just $1.64.
The crypto community is closely monitoring the movement of these funds, as billions of dollars in Bitcoin are still associated with the exchange. The question on everyone’s mind is: where did the Bitcoin go?
In this recent transfer, 166.5 BTC, equivalent to approximately $15 million, was sent to Mt. Gox’s cold wallet with the address 1Jbez. The remaining 11,834 BTC was transferred to an unknown wallet identified as 1Mo1n. As a result, Mt. Gox-associated wallets now hold a total of 36,080 BTC, valued at around $3.26 billion, based on Arkham data. This transfer marks the first major movement of Bitcoin from these wallets in a month, following a previous transfer of just 4 BTC between cold wallets. The motive behind this latest move remains unclear, but a similar pattern was observed in December when Mt. Gox transferred 1,620 BTC through unknown wallets shortly after moving 24,000 BTC.
The timing of this transfer coincided with a turbulent period for Bitcoin, as the market reacted to new U.S. trade tariffs imposed by former President Donald Trump. These developments led to fluctuations in the price of Bitcoin, which surged to $94,770 on March 3, plummeted to $82,681 on March 4, and then rebounded above $90,000 on March 5.
Looking back at Mt. Gox’s history, the exchange was once a major player in the cryptocurrency space, handling 70% of all BTC trades by 2013. However, in early 2014, Mt. Gox abruptly halted withdrawals and trading activities before ultimately shutting down. The exchange later declared bankruptcy and reported the loss of over 800,000 BTC.
Fast forward more than a decade, creditors of Mt. Gox are still awaiting repayment of their funds. In October 2024, Mt. Gox announced a new deadline for repayment, setting it for October 31, 2025, further prolonging the hopes for a resolution.
As time passes, the quest for justice and the recovery of lost Bitcoin continues for Mt. Gox creditors. The saga of Mt. Gox serves as a cautionary tale in the world of cryptocurrency, highlighting the importance of security, transparency, and regulatory oversight in the industry.
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