Bitcoin

Arkham

when

Defunct crypto exchange Mt. Gox has moved around 12,000 Bitcoin to a new, unknown wallet address in its first major transaction since the end of July.&nbsp;
Mt. Gox made the move around 11:39 pm UTC on Aug. 20, sending 12,000 Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null">BTC</a>) worth $709.4 million to an empty address starting with “1PuQB.”
It also sent 1,265 BTC worth $74.8 million to the address starting with “1Jbez,” which is labeled as a Mt. Gox cold wallet on Arkham Intelligence. The funds haven’t moved since.&nbsp;
<figure>
 <img alt="Mt. Gox shifts $700M in Bitcoin, first major move in 3 weeks" name="" src="https://s3.cointelegraph.com/uploads/2024-08/Hodl15%20here%20we%20go%20again">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/HODL15Capital/status/1826047082446336225" rel="null" target="null" text="null">HODL15Capital</a>
 </figcaption>
</figure>
The major move could mean Mt. Gox is preparing to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/mt-gox-creditor-saga-what-lessons-has-the-bitcoin-community-learned" rel="null" target="null" text="null">distribute more Bitcoin</a> to its creditors, who have been waiting to get their crypto back after the exchange was <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/the-mt-gox-bitcoin-heist" rel="null" target="null" text="null">hacked and collapsed</a> in 2014.&nbsp;
However, Galaxy’s head of research, Alex Thorn, believes otherwise.&nbsp;
Thorn <a data-ct-non-breakable="null" href="https://x.com/intangiblecoins/status/1826081953696690540" rel="null" target="null" text="null">believes</a> only a small amount of the funds moved — $74.5 million — is intended to be distributed, with the rest going into “fresh cold storage” still owned by the estate.&nbsp;
In either case, it marks the first big Bitcoin move from Mt. Gox since July 30, when <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/mt-gox-bitcoin-transfer-price-crypto-analysts" rel="null" target="null" text="null">Mt. Gox moved</a> 47,229 BTC to three unknown wallets over a three-hour period.&nbsp;
At the time, Arkham Intelligence suspected that 33,105 Bitcoin went to an <a data-ct-non-breakable="null" href="https://platform.arkhamintelligence.com/explorer/address/bc1q26tsxc0ge7phvcr2kyczexqf5pcj8rk79cqk90h34c30dn9dskeq3gmw3f" rel="null" target="null" text="null">address</a> owned by crypto exchange BitGo, one of the custodians working with the Mt. Gox trustee to return funds to creditors.
Two weeks later, this wallet sent a test transaction before sending the entire amount to another unknown wallet address, where it has sat since.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/redditors-fear-brute-force-hack-mt-gox-claims-system" rel="null" target="null" text="null">Mt. Gox creditors report multiple ‘brute-force’ attempts on their accounts</a>
Around 68% of Mt. Gox’s funds have been distributed back to creditors, <a data-ct-non-breakable="null" href="https://cryptoquant.com/community/dashboard/6696ae97041f4a7567a05eca" rel="nofollow noopener" target="_blank" text="null">according</a> to CryptoQuant data.
<figure>
 <img alt="Mt. Gox shifts $700M in Bitcoin, first major move in 3 weeks" name="" src="https://s3.cointelegraph.com/uploads/2024-08/2.7%20billion%20bitcoin%20left">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/hansolar21/status/1826063423274365183" rel="null" target="null" text="null">Hansolar</a>
 </figcaption>
</figure>
As of the time of publication, Mt. Gox still holds a substantial 46,164 BTC worth roughly $2.7 billion.&nbsp;
Interestingly, Mt. Gox <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/mt-gox-bitcoin-dump-fear-concern-overblown-analysts" rel="" target="_self" text="null">creditors appear to have defied expectations</a> by seemingly holding onto their reacquired Bitcoin.&nbsp;
Bitpanda deputy CEO Lukas Enzersdorfer-Konrad told Cointelegraph earlier in August that it’s worth remembering that <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/mt-gox-creditors-hodl-bitcoin-btc-price" rel="" target="_self" text="null">Mt. Gox was one of the earliest exchanges</a>, so people using it “were early adopters.”
“For them, Bitcoin isn’t just an asset, it’s a technology and an idea that they really believe in. That doesn’t mean they will never sell, but it will affect when they might sell and in what volumes.”
Maria Carola, CEO of cryptocurrency exchange StealthEX, told Cointelegraph that these creditors are opting to hold onto their coins “primarily due to expectations of future price appreciation, aiming for potentially higher returns.”
She added that liquidating their funds right away “could mean significant capital gains taxes,” while holding onto the funds could allow investors to “delay these taxes or await more favorable market conditions.”
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/11-critical-moments-ethereum-history-that-made-eth-no2-blockchain/" rel="null" target="null" text="null">11 critical moments in Ethereum’s history that made it the No.2 blockchain</a>

Mt. Gox shifts $700M in Bitcoin, first major move in 3 weeks

Cointelegraph

Other articles published on Aug 21, 2024

SUNDOG Buyer Makes 10000x Profit On $1.69K Investment In Just 6 Days!

Binance Launchpool Announces Listing of DOGS Token

NFT Artist Ali Sabet Drops A New NFT Collection On Magic Eden

Cardano ADA Struggles: Falls Out of Top 10—What’s Next for This Once-Dominant Crypto?

Crypto Phishing Attack Drains $55 Million In DAI Stablecoin From Whale’s Wallet

Litecoin Shows V-Shape Recovery: A Closer Look

Join our free newsletter for daily crypto updates!