Mt. Gox Moves 12,000 Bitcoin Worth $709.4 Million to Unknown Wallet, Sparking Speculation of Creditor Distribution

The defunct Japanese exchange Mt. Gox moved 12,000 Bitcoin worth $709.4 million to an unknown wallet. The transfer, executed at 11:39 p.m. UTC, sent the Bitcoin to an address starting with “1PuQB,” which remains unidentified.

The defunct Japanese cryptocurrency exchange Mt. Gox moved 12,000 Bitcoin, currently valued at over $709.4 million, to an unidentified wallet.

According to data from blockchain analytics firm Arkham Intelligence, the large transaction, occurred at 11:39 p.m. UTC and involved the transfer of the BTC to an address beginning with “1PuQB.”

The recipient address has not yet been linked to any known entity.

In addition to the large BTC transfer, Mt. Gox also sent 1,265 BTC, valued at approximately $74.8 million at the time of the transaction, to another address starting with “1Jbez.”

This address is recognized as a Mt. Gox cold wallet by Arkham Intelligence, and the funds have not yet moved from this address.

The massive transaction has led to speculation that Mt. Gox may be preparing to distribute further Bitcoin to its creditors, who have been awaiting their funds since the exchange's collapse in 2014.

However, Galaxy's Alex Thorn offered a different perspective, suggesting that only $74.5 million of the transferred amount is intended for distribution, with the remaining BTC likely being stored in “fresh cold storage” still controlled by the estate.

This latest move follows Mt. Gox's last major Bitcoin transfer on July 30, when 47,229 BTC were sent to three unidentified wallets.

Of those BTC, Arkham Intelligence linked 33,105 to BitGo, a custodian working with the Mt. Gox Trustee to return funds to creditors. This amount was subsequently moved to another unknown wallet, where it remains.

At the time of writing, Mt. Gox still holds 46,164 BTC, valued at around $2.7 billion.

As creditors continue to hold onto their Bitcoin, possibly due to its long-term value, Bitpanda's Lukas Enzersdorfer-Konrad and StealthEX's Maria Carola suggested that creditors may be waiting for better market conditions or to avoid immediate capital gains taxes.

The recent activity by Mt. Gox marks a significant development in the ongoing saga of its creditors' recovery, with many still holding onto their assets in anticipation of future price increases.

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