The defunct Mt. Gox exchange recently transferred $2.4 billion worth of Bitcoin (BTC) across two wallets, according to data from Arkham. The transaction occurred as Bitcoin continued to make new highs, surpassing $81,000 over the weekend.
The move involved the transfer of over 30,000 BTC from the wallet “1FG2C…Rveoy” to a new address, “1Fhod…LFRT,” while also sending $200 million to a cold wallet tied to Mt. Gox. Last week, the wallet “1FG2C…Rveoy” was the largest recipient of BTC in the latest series of transfers.
Such wallet shifts typically precede potential sales on crypto exchanges, where the Bitcoin could be sold to the public.
Once the largest exchange in the world, Mt. Gox handled more than 70% of Bitcoin transactions during its peak. However, in 2014, it was hacked, with over 740,000 BTC (worth more than $15 billion today) stolen. Since then, the exchange has been working on a plan to repay creditors, with the latest deadline for the process set for October 31, 2025.
Disclaimer: This content does not constitute trading or investment recommendations. It’s essential to conduct your own research before purchasing any cryptocurrency or investing in any services.
