Look on Chain analysts have reported that Mt. Gox, one of the pioneering Bitcoin exchanges, has recently transferred billions of dollars worth of cryptocurrency to an external address for the first time in years.
Mt. Gox, a major player in the crypto trading world in its prime, handling over 70% of global Bitcoin transactions, moved around $3 billion in Bitcoin to an undisclosed address. According to data provided by blockchain analytics firm Lookonchain, the exchange transferred over $2.9 billion worth of BTC to the address 1Jbez…LAPs6, where the funds have remained untouched since.
Following this transfer, Mt. Gox’s associated wallets now contain approximately 137,892 BTC, valued at about $9.3 billion, as reported by Arkham Intelligence. The news of this movement caused the price of Bitcoin to drop below $68,000, with the cryptocurrency currently trading at $67,790 according to CoinGecko.
Mt. Gox, established in 2010 in Japan, quickly rose to become the largest Bitcoin exchange globally. However, its success was short-lived, as in early 2014, the platform abruptly halted trading, shut down its website, and declared bankruptcy. It was revealed that Mt. Gox had lost around 850,000 BTC, valued at $450 million at the time, with most of the Bitcoins stolen from its hot wallets over several years.
The bankruptcy proceedings for Mt. Gox have been complex, but there are indications that a resolution is on the horizon. Creditors may start receiving payouts as early as the second half of 2024, with estimates suggesting that the total distribution could reach up to $2 billion.
For more information on Mt. Gox creditors’ payment update on claims system, click here.