Mt. Gox Transfer of 12,000 BTC

Mt. Gox appears to have transferred 12,000 BTC (+2.28%) to an unknown wallet on Tuesday night, according to blockchain analytics firm Arkham.

The defunct cryptocurrency exchange sent the bitcoin, worth $709.44 million, to wallet address 1PuQB…nWhTb at around 11:39 p.m. UTC on Tuesday. Additionally, there was a transfer of 1264.69 BTC ($74.77 million) to address 1Jbez…LAPs6, identified by Arkham as a cold wallet belonging to Mt. Gox. The funds have not been further transferred to other addresses yet.

Last week, a wallet likely belonging to cryptocurrency exchange BitGo moved the majority of around $2 billion worth of bitcoin it received from Mt. Gox to a different wallet, Arkham noted on X.

These movements of bitcoin in the recent past have often preceded repayments from Mt. Gox to its creditors through distributors like Bitstamp and Kraken crypto exchange. The large transfer may indicate that the Mt. Gox creditor repayments are nearing completion.

Established in 2010, Mt. Gox operated the largest bitcoin exchange in the world until a major security breach in 2014 resulted in the loss of at least 850,000 BTC. Thousands of creditors have been waiting for the return of their bitcoin, a process that has been gradually unfolding over the past weeks.