Mt. Gox Shifts Over $1 Billion Worth Of BTC As Bitcoin Price Reclaims $90,000

Mt. Gox is moving its Bitcoin again. On Thursday, the long-defunct crypto exchange moved over $1 billion worth of Bitcoin to an unmarked address. The transfer came amid Bitcoin’s breakthrough above the $90,000 mark today.

Bitcoin Traders Shrug At $1 Billion Mt. Gox Transfer

According to data tracked by blockchain analytics firm Arkham Intelligence, a wallet associated with Mt. Gox sent approximately 11,834 BTC, worth around $1.07 billion earlier on Thursday. This marks Mt. Gox’s first enormous transaction since late January. 

Just a few minutes after the $1 billion transaction, the collapsed exchange sent 166.5 BTC, worth around $15.12 million, to its cold wallet.

Per Arkham, Mt. Gox-linked entities retain 36,080 BTC, valued at $3.26 billion at current market prices. The latest transfer follows a previous shuffle of 1,620 Bitcoin worth $172 million to another unknown address in November just hours after the top crypto set a new high of nearly $108,000 at the time.

Launched in 2010, the Tokyo-headquartered platform emerged as the largest Bitcoin exchange by 2013, servicing at least 70% of all BTC trades worldwide. However, Mt. Gox halted withdrawals in early 2014 and later filed for bankruptcy after losing over 800,000 BTC in a massive security breach. Thousands of creditors have been waiting over a decade to have their lost BTC returned.

The latest BTC movement follows Mt. Gox’s decision in November to extend its repayment deadline by one year to October 2025, citing ongoing verification requirements for creditors. While some claimants have received fiat currency payments, others are still waiting for repayment in Bitcoin or Bitcoin Cash.

While large-scale movements from wallets associated with Mt. Gox typically hurt the Bitcoin price, today’s movement is different. Bitcoin is trading at around $90,100, up a meagre 0.6% in the last 24 hours, according to CoinGecko.

Despite Bitcoin’s price recovery, the Crypto Fear & Greed Index, which tracks overall market sentiment, remains in “Extreme Fear” at a score of 25.