Mt. Gox Moves Bitcoin Again Amid Further Repayment Delays for Creditors

Once again, the defunct Mt. Gox exchange has moved a significant amount of Bitcoin from its wallets to unknown wallet addresses.

According to blockchain analytics firm Arkham Intelligence, the transaction involved a total of 32,371 BTC, of which 30,371 BTC was moved to an unknown wallet address while the remaining 2,000 BTC was first moved to Mt. Gox cold wallet before being sent to another wallet address.

This activity marks one of Mt. Gox’s largest Bitcoin transfers in recent months. It also follows a previous transaction on November 1 in which over 500 BTC was moved to two unidentified wallet addresses.

Another analytics platform, Spot On Chain, reported that over the past four days, the defunct exchange transferred a total of 32,871 BTC, valued at approximately $2.22 billion, through multiple transactions. Despite these movements, Arkham Intelligence data indicates that wallets associated with Mt. Gox still hold around 44,378 BTC, which is valued at about $3.04 billion.

Meanwhile, the sudden movement of assets comes as Mt. Gox announced another extension in its long-awaited repayment schedule for creditors. Initially set for October 31, 2024, the deadline has now been extended by a full year, pushing the repayment date to October 31, 2025.

According to Nobuaki Kobayashi, the trustee overseeing the bankruptcy proceedings, complications in the repayment process and incomplete procedures from numerous creditors were the primary reasons for this delay.

Mt. Gox, once the world’s largest crypto exchange, collapsed in 2014 following a massive hack that resulted in the loss of approximately 850,000 BTC. Since then, about 127,000 creditors have awaited compensation, with more than $9.4 billion worth of Bitcoin still owed. Notably, some of the creditors confirmed receipt of payment in July 2024.

In the notice to creditors, the rehabilitation team mentioned “various issues” arising during the repayment process but did not specify further.

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.