Once one of the world’s largest crypto exchanges, Mt. Gox is back in the spotlight after transferring around $2.4 billion in Bitcoin (BTC). According to data compiled by Arkham, the exchange moved a total of 30,000 BTC to two separate wallet addresses on Monday. These transfers come right after Bitcoin surged past the $81,000 mark over the weekend, sparking speculation that Mt. Gox may be preparing to re-enter the crypto market.
Signals of Potential Bitcoin Sales in Massive Transfers
On-chain data shows that Mt. Gox initially transferred 30,000 BTC from the “1FG2C…Rveoy” wallet address to a new address labeled “1Fhod…LFRT.” Additionally, Mt. Gox reportedly moved $200 million in BTC to its cold storage wallet, marking one of the largest BTC movements in its wallets in recent weeks.
Analysts suggest that such large-scale Bitcoin transfers often indicate preparation for potential sales. Many believe this move could be part of a consolidation process, potentially preparing Mt. Gox to release its Bitcoin assets back into the market.
Post-2014 Hack: Mt. Gox’s Ongoing Recovery Efforts
In the early 2010s, Mt. Gox controlled approximately 70% of the global crypto market. However, in 2014, the exchange suffered a major hack, losing about 740,000 BTC, valued at approximately $15 billion today. The hack triggered shockwaves across the crypto world, forcing Mt. Gox to halt its operations.
Since the hack, efforts to recover and return assets to affected users have continued. A repayment plan, managed by Mt. Gox’s trustees, aims to settle claims by October 2025. Remaining Bitcoin assets are expected to be gradually sold to compensate former users, bringing a lengthy chapter in crypto history closer to resolution.
Mt. Gox, Bitcoin transfer, crypto market, $2.4 billion, hack
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