Mt.Gox just transferred at least $2.9 billion in Bitcoin for the first time in 5 years

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VIC Crypto
05-28
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This is the first time in five years that Mt.Gox has moved assets out of its wallet.

Mt.Gox appears to have transferred at least 42,830 BTC , worth about $2.9 billion, from its Cold Storage to an unknown address this morning, according to data from Arkham Intelligence. This is the first time in five years that Mt.Gox has moved assets out of its wallet.

The Bitcoin exchange that collapsed in 2014 transferred these assets through multiple transactions to an unknown address at 10:00 Vietnam time.

The move marks the first time in five years that Mt.Gox has moved assets out of its wallet. Mt.Gox still holds approximately $9.42 billion worth of Bitcoin in identified wallets tracked by Arkham.

In September 2023, Mt.Gox administrators announced that the refund deadline had been pushed back by 12 months to October 31, 2024.

For those who don't know, Mt.Gox is a Bitcoin exchange headquartered in Shibuya, Tokyo. Launched in July 2010, in 2013 and in 2014. As the largest Bitcoin intermediary it processed more than 70% of all bitcoin (BTC) transactions worldwide.

On February 7, 2014, Mt.Gox stopped all Bitcoin withdrawals, claiming it was temporarily suspending withdrawal requests due to technical improvements to the currency process. A few weeks later, on February 24, 2014, the exchange ceased operations. That same week, a leaked company document claimed that hackers raided Mt.Gox and stole 744,408 Bitcoins from Mt.Gox users, and 100,000 Bitcoins belonged to the company, leading the exchange to claim Dad is unable to pay.

On February 28 Mt.Gox filed for bankruptcy protection in Japan and in the US two weeks later. Currently, after 10 years, many users on Mt.Gox still have not recovered their lost Bitcoins.

VIC Crypto compiled

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