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The long-defunct cryptocurrency exchange Mt. Gox sent over 24,000 Bitcoin to an unknown address after BTC hit $100,000 and surged above. According to Arkham Intelligence data, the transfer involved 27,871 BTC, valued at a little over $2.8 billion. 
The transfer, which took place on December 5 at 2:45 AM (UTC), was sent to an unknown address with no previous connection to the past Mt. Gox BTC transfers. The address starts with “1N7j,” and the transaction incurred around $3.78 in fees.&nbsp; 
The defunct exchange had remained dormant since November 12 before the massive move. Since Mt. Gox began its massive BTC transfers this year, many have been speculating about ongoing repayments to its creditors. The exchange suffered a massive hack in 2011, leading to its bankruptcy in 2014, owing victims and creditors over $23 billion.&nbsp; 
According to Arkham Intelligence data, the Mt. Gox address now has 39,878 BTC, worth a little over $4 billion at the current BTC price. Due to the surge in the top crypto, the valuation is about $217 million higher.&nbsp; 
Bitcoin surged today to a new all-time high of $104,000 at 3:08 AM (UTC), according to TradingView data. At the time of publication, the coin is trading at $101,821, over $2,000 below its ATH.&nbsp; 
<h3 id="span-style-font-weight-400-crypto-market-braces-for-impact-span">Crypto market braces for impact</h3> 
It is unclear why the defunct exchange transferred during the BTC price surge. There are speculations that the transfer could be bearish for Bitcoin and the larger crypto market. Large moves have been considered bearish due to the possibility of more Bitcoin flooding the market in a big sale.&nbsp; 
Several analysts have discussed what markets should expect during the Mt. Gox repayment plan. Tony Sycamore, an IG Markets analyst, reportedly mentioned in June this year that the moves should not worry the crypto community. Sycamore explained his thoughts, mentioning that the exchange’s repayment was expected for a long time. The analysts further suggested that that time would be a great entry point for investors waiting for ‘better buying levels.’ 
Alex Thorn, a Galaxy Digital executive, <a href="https://x.com/intangiblecoins/status/1805244957252284916" rel="nofollow" target="_blank">tweeted</a> in June that crypto markets should expect fewer Bitcoin flooding the market. The analyst supported his claims by estimating the exchange’s expected distributions. In his opinion, Thorn explained that the BTC selling pressure would be lower than what the crypto markets were expecting.&nbsp; 
A July 29 Glassnode report further <a href="https://insights.glassnode.com/the-week-onchain-week-31-2024/" rel="nofollow noopener" target="_blank">highlighted</a> that Mt. Gox creditors were not planning to sell their BTC. The on-chain analytics platform explained that only a few of the creditors’ coins would hit the market, significantly reducing the expected selling pressure. The report also highlighted the creditors’ decision to receive payments in BTC instead of fiat.&nbsp; 
<h3 id="span-style-font-weight-400-mt-gox-trustee-announces-a-push-in-the-repayment-deadline-span">Mt. Gox trustee announces a push in the repayment deadline</h3> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 🚨 BREAKING: Mt. Gox extends repayment deadline 
 Mt. Gox pushes back <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#BTC</a> distribution to Oct 31, 2025 – a full year delay 
 Potential selloff pressure now postponed <a href="https://t.co/tG41xgvj2n" rel="nofollow" target="_blank">pic.twitter.com/tG41xgvj2n</a> 
 — Budhil Vyas (@BudhilVyas) <a href="https://twitter.com/BudhilVyas/status/1844390154624237949?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">October 10, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
In an October 10 filing, Mt. Gox trustee Nobuaki Kobayashi announced that the defunct exchange was pushing the repayment deadline to October 31, 2025. The trustee explained in the notice that many creditors must complete the procedures necessary to receive the payments. The trustee further highlighted other reasons, such as issues during the repayment process, which also caused a payment delay for other creditors.&nbsp; 
In September last year, the exchange changed the repayment deadline to October 31 this year. In a letter, the exchange’s trustee explained that verifying the repayment information provided by creditors would require more time, hence not meeting the October 31, 2023 deadline. In June this year, Mt. Gox later gave a notice that the repayments would begin in July, kicking off the massive transfers.&nbsp; 
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Mt. Gox transfers $2.4 billion in Bitcoin after BTC reaches $100K

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