The defunct Japanese exchange Mt. Gox moved 12,000 Bitcoin worth $709 million to an unknown wallet. The transfer, executed at 11:39 p.m. UTC, sent the Bitcoin to an address starting with “1PuQB,” which remains unidentified.
In addition, Mt. Gox sent 1,265 BTC, worth $74.8 million, to another address beginning with “1Jbez.” This address is recognized as a Mt. Gox cold wallet by Arkham Intelligence, but the funds have not moved from there yet.
This massive transaction has sparked speculation that Mt. Gox may be gearing up to distribute more Bitcoin to its creditors. These creditors have been waiting for their funds since the exchange’s collapse in 2014.
However, Galaxy’s Alex Thorn has a different take. Alex believes that only $74.5 million of the transferred amount is intended for distribution, with the remaining Bitcoin likely being stored in “fresh cold storage” still controlled by the estate.
This recent move follows Mt. Gox’s last major Bitcoin transfer on July 30, when 47,229 BTC were sent to three unknown wallets. Arkham Intelligence linked 33,105 of those BTC to BitGo, a custodian working with the Mt. Gox Trustee to return funds to creditors. This amount was later moved to another unknown wallet, where it remains.
At present, Mt. Gox holds 46,164 BTC, worth around $2.7 billion. It appears many creditors are holding onto their Bitcoin, possibly due to its long-term value.
Bitpanda’s Lukas Enzersdorfer-Konrad and StealthEX’s Maria Carola suggest that creditors might be waiting for better market conditions or to avoid immediate capital gains taxes.
The recent activity by Mt. Gox could signal a new phase in the long saga of its creditors’ recovery, with many still holding onto their assets in anticipation of future price increases.
Also Read: Mt. Gox Begins $2B Bitcoin Payouts with Test Transaction: Arkham
