Mt. Gox Transfers $1 Billion in Bitcoin Amid Market Surge

Mt. Gox, the defunct cryptocurrency exchange, recently made a significant move by transferring 11,502 Bitcoin, valued at over $1 billion, according to data from Arkham Intelligence. This substantial transfer included a deposit of approximately $927 million into an unidentified wallet beginning with “1DcoAJ.”

These transactions occurred as the price of Bitcoin surged above $87,000, as indicated by CoinGecko data. Bitcoin has seen an increase of around 2% in the past 24 hours, reflecting a bullish trend in the market. The defunct exchange still holds approximately 35,583 Bitcoin in its wallets, valued at about $3 billion.

The recent transfer follows a smaller movement on March 11, when Mt. Gox moved 332 Bitcoin, valued at approximately $26 million, to an unknown address. This new wallet activity has drawn significant attention, as the exchange has yet to fully resolve compensation claims from its former users. Mt. Gox has extended its complete payout deadline from October 31, 2024, to October 31, 2025, citing ongoing verification and processing requirements for claimants.

While some creditors have confirmed receiving fiat currency payments as part of the reimbursement process, many users continue to await their full compensation in Bitcoin or Bitcoin Cash. The delay in resolving these claims has left many former users in a state of uncertainty, as they await the resolution of their compensation claims.

This recent activity by Mt. Gox highlights the ongoing challenges faced by the defunct exchange in resolving its outstanding compensation claims. The transfer of such a large amount of Bitcoin has raised questions about the exchange's intentions and the potential impact on the market. As the price of Bitcoin continues to surge, the actions of Mt. Gox will be closely watched by investors and market participants alike.