500 BTC Transferred from Mt. Gox-Linked Address: Arkham Data
In a recent development, the now-defunct Mt. Gox cryptocurrency exchange has executed a transfer of 500 Bitcoins (BTC) valued at $35.04 million on November 1. The transfer was made to various undisclosed addresses, as reported by Arkham Intelligence.
The transaction took place at 00.42 hours UTC on Friday, moving the BTC from Mt. Gox’s cold wallet to an address starting with “12cTj”. Crypto analyst Ember CN mentioned that it remains uncertain whether this move signals the beginning of a new round of compensation for users affected by the exchange’s collapse.
Arkham Data reveals that approximately 44,900 BTC amounting to $3.11 billion are still held in Mt. Gox’s wallet, awaiting distribution to claimants.
Following this initial transfer, two additional transactions were recorded, involving 31.78 BTC and 468.24 BTC being sent to unnamed destinations. These transfers represent the first significant movement of funds from Mt. Gox’s wallets in a month.
Earlier reports detailed how Mt. Gox had transferred over $855 million worth of Bitcoin to unidentified wallets in August. These transactions included a transfer of $74 million to a wallet identified as the exchange’s cold storage, and another transfer of $784.2 million to an unknown address.
In a separate incident in July, the Japanese crypto exchange, which famously collapsed in 2014, moved $2.5 billion worth of Bitcoin. To date, 59,000 out of the 142,000 recovered Bitcoin have been distributed to creditors through exchanges like Kraken and Bitstamp.
The repayment process of Mt. Gox has faced delays, with the Rehabilitation Trustee recently extending the deadline for the distribution of remaining assets to creditors to October 31, 2025. The trustee cited incomplete procedures from many rehabilitation creditors as the reason for the postponement.
The ongoing repayment process and liquidation of Bitcoin from Mt. Gox have generated concerns about their potential impact on the asset’s market prices. Following a recent peak of $73,295 on October 30, Bitcoin’s value corrected by 5.5% to briefly touch $69,000.
