Mt. Gox Moves $35 Million in BTC to Unmarked Address

Author: Martin Young, CoinTelegraph; Compiler: Deng Tong, Golden Finance

Bitcoins associated with the defunct Mt. Gox exchange are flowing again, with on-chain data showing that on November 1, a sum of $35 million worth of bitcoins was transferred to several unknown addresses.

Blockchain intelligence platform Arkham revealed that 500 bitcoins worth about $35 million were transferred from the Mt. Gox cold wallet to an unmarked address beginning with "12cTj".

Soon after, two transactions, 31.78 BTC and 468.24 BTC, were transferred to two unmarked addresses.

This is the first large-scale currency transfer from Mt. Gox-linked wallets in about a month.

According to Arkham, there are still about 44,905 BTC in Mt. Gox's marked addresses, worth about $3.1 billion.

Mt. Gox BTC transfers. Source: Arkham Intelligence

The defunct cryptocurrency exchange moved about 12,000 tokens, then worth about $700 million, to a new unknown wallet address on Aug. 20, the first major transaction since the trustee managing Mt. Gox’s assets began distributing funds to creditors in late July.

Earlier this month, Mt. Gox extended the deadline to repay creditors by a year, pushing the deadline to return funds to Oct. 31, 2025.

The official statement said that “many creditors have still not received repayments because they have not completed the necessary procedures to receive repayment.”

It also cited “system issues” that caused some creditors to receive double repayments. The trustee admitted the error and asked recipients to return the overpaid funds.

The platform was one of the world’s first Bitcoin exchanges and at one point processed about 70% of all BTC transactions worldwide. The system faced a series of security breaches and hacks that halted withdrawals and led to its closure in 2014.

Mt. Gox’s repayment process and potential liquidation of BTC have raised significant concerns about its impact on spot prices.