Mt. Gox Transfers 32,371 BTC ($2.19B) to Unmarked Wallets

Nov 5, 2024, 01:38 AM

Defunct cryptocurrency exchange Mt. Gox has transferred approximately 32,371 Bitcoin (worth around $2.19 billion) from its cold wallet '12Gws' to unmarked wallets starting with '1FG2Cv', according to blockchain analytics firm Arkham. The transfer, detected within the past 24 hours, marks one of the largest movements of Bitcoin by Mt. Gox in recent months. Despite this significant outflow, Mt. Gox still holds 44,378 BTC, valued at around $3 billion. Market analysts speculate that the movement could be in preparation for creditor repayments or other administrative actions related to the exchange's bankruptcy proceedings. The substantial transfer has raised concerns among investors about potential market impacts, particularly as Bitcoin prices have oscillated between $65,000 and $73,000 over the past few weeks, with some reports indicating a price drop coinciding with the transfer.