Mt. Gox shifts approx $9.6B BTC to an unidentified address

As per data released by Arkham Intelligence, there has been a major shifting of approximately $9.6 billion worth of Bitcoin by Mt. Gox to an unidentified address, which includes 42,830 BTC worth $2.9 billion, via its inactive wallet.  

The now worthless Bitcoin exchange, which degenerated in 2014, shifted the assets through a number of transactions towards an unidentified address. 

This activity pertaining to Mt. Gox, shifting assets from its wallets, took place after half a decade. However, as per Arkham’s monitoring, Mt. Gox is still known to have $9.42 billion in Bitcoin in its possession within its wallets.  

Towards the end of last year, Mt. Gox’s trustee declared that the time limit for repaying the amount had been postponed by a year, to the 31st of October 2024. 

Mt. Gox, a platform operating from Tokyo, was officially established in 2010. It soon rose to become the biggest Bitcoin exchange by 2013, responsible for 70% of all trading activities globally. It was in 2014 when the exchange terminated all withdrawals, with the business having stopped its trading practices completely. It was not long before its website became off-limits. It finally claimed bankruptcy following the loss of more than 800,000 Bitcoins.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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