• Mt. Gox moves $2.43B Bitcoin after BTC hits $100K milestone.
• 27,871 BTC transferred to unknown wallets amid prolonged creditor reimbursement process.

The long-defunct cryptocurrency exchange Mt. Gox transferred 27,871 Bitcoin, valued at approximately $2.82 billion, to an unidentified wallet on December 5. The move comes as Bitcoin surged past the historic $100,000 mark.

Blockchain data from Arkham Intelligence reveals that the exchange made two transactions, transferring 24,051 BTC ($2.43 billion) to an unknown wallet beginning with “1N7j” and an additional 3,820 BTC ($386 million) to a cold wallet. These transactions occurred shortly after Bitcoin crossed the $100,000 threshold, marking the first significant transfer since November 12, when Mt. Gox moved 2,500 BTC worth $222 million.

Moreover, Mt. Gox, which filed for bankruptcy in 2014 after losing 850,000 Bitcoin to a massive hack, retains approximately 39,878 BTC in its wallets, valued at $4.1 billion at current market rates. The recent activity has sparked speculation, as previous movements from Mt. Gox wallets have often preceded creditor payouts.

What Could Be The Mt.Gox Impact?

The exchange’s trustee has been working on a prolonged reimbursement process for creditors. The payout deadline has been extended to October 31, 2025, to accommodate ongoing claim verification and processing. While some claimants have received partial reimbursements in fiat currency, many are still awaiting compensation in Bitcoin or Bitcoin Cash.

Bitcoin’s price, trading around $103,000 at press time, showed a modest 4% increase over 24 hours, despite fears that large transfers like these could negatively impact the market. Historical market sensitivity to Mt. Gox’s Bitcoin movements has diminished, with recent transactions causing minimal fluctuations.

The potential market implications of future Bitcoin distributions remain uncertain. If creditors sell their holdings en masse, it could place downward pressure on Bitcoin’s price.

Mt. Gox’s latest Bitcoin transfer is a significant development in its protracted bankruptcy saga, leaving creditors and the broader crypto community watching closely for further updates.

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