Mt. Gox moves over $1 billion in Bitcoin as price hits $90,000

Key Takeaways

• Mt. Gox transferred 12,000 Bitcoin valued over $1 billion after months of silence.
• The exchange also moved 166,505 Bitcoin to its internal wallet.

A wallet associated with Mt. Gox, the defunct crypto exchange, just sent 12,000 Bitcoin, worth over $1 billion, to an unidentified address in the past hour, according to data from Arkham Intelligence. The transfer came amid Bitcoin’s ascent to the $90,000 mark.

The Mt. Gox-labeled wallet also moved 166,505 Bitcoin worth approximately $15 million to its cold wallet on Wednesday evening.

These transactions broke a long period of being idle, following a transfer of $172 million in Bitcoin last December. The entity still owns more than 36,000 Bitcoin, valued at about $3.3 billion at current market prices.

Mt. Gox has extended its repayment deadline from October 31, 2024, to October 31, 2025, citing ongoing verification and processing requirements for claimants. While some creditors have received fiat currency payments, others are still waiting for compensation in Bitcoin or Bitcoin Cash.

Although Mt. Gox’s Bitcoin movements have historically influenced market sentiment, recent transfers have had minimal impact on Bitcoin prices. However, market participants remain concerned about potential price effects if creditors choose to sell their holdings following full compensation distribution.

Bitcoin is trading at around $90,100, up 4% in the last 24 hours, according to TradingView data.