Amid market fluctuations, the Mt. Gox wallet transferred out $1 billion in Bitcoin.

CN
6 hours ago

The bankrupt cryptocurrency exchange Mt. Gox has begun transferring Bitcoin again. In a week of significant market volatility, 12,000 Bitcoins were moved.

On March 6, Arkham Intelligence alerted its users on the X platform that the Mt. Gox wallet (1PuQB) had transferred 12,000 Bitcoins, valued at just over $1 billion. The transaction fee for this transfer was $1.64.

Meanwhile, 166.5 Bitcoins worth approximately $15 million were sent to the Mt. Gox cold wallet (1Jbez), while the remaining assets were transferred to an unidentified wallet (1Mo1n), which currently holds a balance of 11,834 Bitcoins.

According to Arkham's data, entities associated with Mt. Gox currently hold 36,080 Bitcoins, valued at about $3.26 billion.

This is the first Bitcoin transaction from a Mt. Gox-related wallet in a month, with the last transaction being the transfer of 4 Bitcoins between cold wallets. The purpose of this latest transaction remains unclear.

In December of last year, Mt. Gox transferred approximately 1,620 Bitcoins between a series of unidentified wallets, and just under two weeks ago, it transferred over 24,000 Bitcoins in the same manner.

Latest transaction status of the Mt. Gox wallet. Source: Arkham Intelligence

The exchange went bankrupt in early 2014, and some of its past Bitcoin holding transfers were accompanied by repayments to creditors, which are set to begin in 2024.

In October of last year, the trustee responsible for managing the bankrupt exchange's Bitcoin reserves postponed the repayment deadline for creditors by a full year, to October 31, 2025.

This Bitcoin transfer occurred during a week of significant volatility in the cryptocurrency market, reacting to U.S. President Trump's trade tariffs that took effect on March 4, which shook high-risk assets.

Bitcoin's price fluctuated significantly between a high of $94,770 on March 3 and a low of $82,681 on March 4, before rebounding to over $90,000 on March 5.

According to CoinGecko, at the time of writing, Bitcoin's trading price is $90,162, having risen approximately 4% in the past 24 hours.

Related: Bitcoin returns to $92,000, but market sentiment remains in "extreme fear."

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