Defunct cryptocurrency exchange Mt. Gox recently moved approximately 30,000 BTC, worth around $2.4 billion, to two separate wallets, sparking speculation about potential market activity.
Data from Arkham shows that trustees transferred BTC from the wallet address “1FG2C…Rveoy” to a new wallet, “1Fhod…LFRT,” along with $200 million to a Mt. Gox cold wallet. Notably, “1FG2C…Rveoy” was the largest recipient in a previous Mt. Gox wallet transfer last week.
Such large wallet transfers often signal preparations for selling bitcoin on the open market, as exchanges commonly consolidate holdings before transactions. The timing of these moves coincides with BTC’s recent price surge, which saw it surpass $81,000 over the weekend.
Once the world’s largest cryptocurrency exchange, Mt. Gox handled over 70% of all bitcoin transactions during its peak years. However, it suffered a major security breach in early 2014, resulting in the loss of approximately 740,000 BTC, equivalent to over $15 billion at today’s value. A repayment plan for affected users has been structured with a deadline set for October 31, 2025, according to recent trustee filings.
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