Mount Gox is back in the news, this time, Transfer of 32,371 BitcoinWorth $2.19 billion at current prices, to an undisclosed address. The transaction from the defunct cryptocurrency exchange occurred when Bitcoin’s market price was stuck in the $65,000 to $73,000 range and anticipating the US election results.
Arkham Intelligence It was one of the first companies to track the movement, noting that 32,371 bitcoins had moved out of the address. Arkham said that two transfers were made from the suspected Mt.Gox wallet: the first, amounting to 30,371 tokens to a wallet with an address starting with “1FG2Cv…” and the second, with 2,000 tokens to a cold wallet still owned by the former exchange, before the Transferred to another unnamed destination.
Source: Arkham Intelligence
Mt.Gox still owns more than 44 thousand Bitcoins
According to Arkham Intelligence estimates, the defunct exchange had 44,378 bitcoins in its inventory, which equates to about $3 billion at current prices. Many experts say the portfolio’s current movement is linked to the planned settlement and payment to creditors after it declared bankruptcy in 2014.
Although the exchange is no longer operating, its cryptocurrency wallets remain active. For example, the exchange recently moved 500 tokens (about $35 million) to undisclosed addresses. The company did not share any information about the recent BTC transfer. However, many observers expect this to be part of its efforts to cover its obligations as part of the settlement process.
Bankruptcy due to piracy
Before filing for bankruptcy protection, Mt.Gox was considered the largest cryptocurrency exchange. Founded in 2020, it processed more than 70% of global cryptocurrency transactions at its peak.
The company was then targeted by a series of hacks and security breaches from 2011 to 2014. During this period, the exchange lost around 850,000 Bitcoins, making it one of the largest cryptocurrency hacks in history. Although law enforcement was able to track down and recover about 140,000, this was not enough to save the exchange, which eventually filed for bankruptcy protection.
The payment deadline has been extended
As part of the bankruptcy and protection plan provided by the stock exchange, it must repay its creditors and former clients. The stock exchange trustee extended the payment deadline by one year, making the last week of October 2025 the new deadline.
Mt Gox faces a difficult repayment process involving billions of dollars. Given its size, some analysts worry that the exchange’s former creditors could liquidate their digital assets, causing a sell-off. The top digital asset is trading at the $68,000 level and remained almost unchanged for the rest of the day.
Featured image from Protos, chart from TradingView
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