$1.07 Billion in Bitcoin Transferred by Mt.Gox to New Wallet – Here’s Nuance

An analytics account on the X platform, @Spotonchain, has spread the word about the infamous Bitcoin exchange Mt. Gox transferring yet another mind-blowing amount of BTC.

According to the tweet, more than a billion dollars worth of Bitcoin was moved to a new wallet several hours ago.

New Bitcoin batch moved by Mt. Gox

Spotonchain announced that the early crypto exchange mentioned above had shoveled 11,834 BTC, worth a crazy $1.07 billion in fiat. This Bitcoin batch was transferred to a new crypto wallet, but the data source commented that it is likely “part of an internal move.”

It also reminded the crypto community on X that, last year between Nov. 1 and Dec. 24, Mt. Gox had transferred 8,820 BTC to B2C2 Group – the equivalent of roughly $760 million. As of now, the defunct exchange still holds 24,245 BTC in several known wallets – or $2.19 billion.

Among the transfers initiated by Mt. Gox mentioned above was 1,620 BTC valued at $172.5 million on Dec. 17, when Bitcoin was approaching an all-time high at $108,000, and $49.3 million worth of Bitcoin on Dec. 23.

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Mt. Gox reimbursing its creditors

The infamous Japan-based crypto trading platform went insolvent in 2014 after suffering several security breaches and losing 840,000 Bitcoins. Back then, it amounted to roughly $450 million.

The platform was initially launched by a cofounder of Ripple, who later founded Stellar – Jed McCaleb. But then it was sold to Mark Karpeles, who became Mt. Gox’s CEO.

In June 2024, the exchange announced it was ready to start compensating the losses to its creditors. Payouts started as the exchange began moving Bitcoin to centralized exchanges in the U.S. and Europe to distribute crypto. The repayment process was meant to finish in October 2024. However, due to unexpected circumstances, it was postponed by a whole year.

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Bitcoin regains 5%

Meanwhile, the world’s flagship cryptocurrency, Bitcoin, has made another successful recovery, partly paring its recent losses. Over the past 24 hours, it has managed to increase by more than 12%, rising from $88,250 to the $92,750 level.

That price spike was followed by a small pullback and, at press time, Bitcoin is changing hands at $91,220. Overall, since Tuesday, Bitcoin has managed to regain 10.29%.