Around 500 Bitcoin, worth approximately $35 million, has been moved from a wallet address linked to the defunct crypto exchange Mt. Gox on November 1, according to on-chain data analysis by Arkham Intelligence.
The transfer reportedly occurred in two parts—31.78 BTC and 468.24 BTC—sent to undisclosed addresses. This marks the first significant movement from Mt. Gox wallets in nearly a month, though it remains uncertain whether these transfers are part of creditor repayments.
These Mt. Gox-linked wallets still hold about 44,905 BTC, valued at approximately $3.1 billion. This latest transfer follows a substantial August 20 transaction, in which 12,000 BTC (worth $700 million at the time) was moved—the first major transfer since Mt Gox’s trustee began the creditor repayment distributions in July.
At the time, there were two large transfers: 2,239 BTC ($149 million) to Bitstamp and an additional 42,587 BTC ($2.84 billion) to separate wallets, all part of its $9 billion creditor repayment plan.
This unexplained 500 Bitcoin transfer mirrors an even larger $7.3 billion transaction earlier this year, which similarly sparked market concerns. At the time, former CEO Mark Karpeles reassured the public that these movements were part of planned preparations for creditor repayments.
RELATED: Ex-Mt. Gox CEO Mark Karpelès to Launch New Crypto Exchange, EllipX, in Poland
Once the world’s largest Bitcoin exchange, Mt. Gox managed about 70% of global BTC transactions at its peak. However, severe hacks led to its collapse in 2014, leaving assets frozen and creditors awaiting compensation for nearly a decade before it finally began in July 2024.
Notably, Nobuaki Kobayashi, the exchange’s trustee, recently announced another one-year extension for these repayments, citing system issues and errors, including duplicate payments to some recipients. The new repayment deadline is set for October 31, 2025.
Per data from CoinMarketCap, Bitcoin’s price has dipped below $69,000, a 5.5% decline from its October 30 peak of $73,300. Analysts suggest the drop was unrelated to Mt. Gox’s movements, as it began hours before the latest transactions.
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