Mt. Gox moves $2.8 billion in Bitcoin as price hits $100,000

Vivian Nguyen

Dec. 5, 2024

Mt. Gox's extended compensation timeline raises concerns about potential market effects from unsold Bitcoin holdings.

Key Takeaways

Mt. Gox moved 27,871 Bitcoin worth $2.8 billion amidst pending compensation claims.
The payout timeline for creditors has been extended to October 31, 2025.

A wallet associated with Mt. Gox just moved 27,871 Bitcoin, worth approximately $2.8 billion, with over 24,000 BTC ($2.4 billion) sent to an unidentified address, according to data from Arkham Intelligence. The transfer came amid Bitcoin’s ascent to the historic $100,000 mark.

The defunct crypto exchange retains roughly 39,878 BTC, valued at $4.1 billion in its wallet.

The latest transfer follows a previous movement of 2,500 Bitcoin (worth about $222 million) to an unknown address on November 12. These wallet activities continue as the exchange works to resolve outstanding compensation claims from former users.

Mt. Gox has extended its payout timeline from October 31, 2024, to October 31, 2025, citing ongoing verification and processing requirements for claimants. While some creditors have received fiat currency payments as part of the reimbursement process, many users await full compensation in Bitcoin or Bitcoin Cash.

Despite historical market sensitivity to Mt. Gox’s Bitcoin movements, recent transfers have shown minimal impact on Bitcoin prices. However, concerns persist that an eventual full compensation distribution could affect market prices if creditors opt to sell their holdings.

Bitcoin was trading at around $103,000 at press time, showing a 4% increase over 24 hours, according to TradingView data.

Disclaimer