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Mt. Gox Shuffles $2.4B Bitcoin Between Wallets as BTC Hovers Near $82K: Arkham
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Shaurya Malwa
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The defunct exchange moved over 30,000 BTC to the wallet, which was the largest receiver in the last series of transfers.
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Such transfers usually imply that an exchange is gearing up to sell tokens on the open market.
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Defunct crypto exchange Mt. Gox moved $2.4 billion in bitcoin (BTC) to two wallets on Monday, Arkham data shows. The move comes as the largest cryptocurrency keeps breaking new grounds, crossing $81,000 over the weekend.
Trustees transferred over 30,000 BTC from “1FG2C…Rveoy” to “1Fhod…LFRT,” a new wallet, and $200 million to a Mt. Gox cold wallet. “1FG2C…Rveoy” was the largest receiver of BTC in a Mt. Gox wallet movement last week, as reported.
Such wallet transfers are usually a consolidation of holdings to new addresses before they are sent to crypto exchanges, where the bitcoin is sold on the open market.
Mt. Gox was once the world’s top crypto exchange, handling over 70% of all bitcoin transactions in its early years. In early 2014, hackers attacked the exchange, losing an estimated 740,000 bitcoin (more than $15 billion at current prices). The hack was the biggest of the many attacks on the exchange in the years 2010-13.
Trustees have put together a repayment plan that has a deadline of October 31, 2025, per the latest filings.
