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    Mt. Gox Stuns Market with $35 Million Bitcoin Transfer to Mystery Addresses

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    Bitcoin linked to the defunct Mt. Gox exchange began moving again on November 1, with around $35 million sent to untraceable addresses. This is the first significant Bitcoin movement from the related wallets in a month. Despite delays and past errors in the repayment process to creditors, still around 44,905 Bitcoins (approximately $3.1 billion) remain in Mt. Gox’s flagged addresses. Some concerns have been raised about the potential impact on Bitcoin prices, though a recent drop is not likely related to these movements.

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    On November 1, Bitcoin linked to the now-defunct Mt. Gox exchange started moving again. Online records show that $35 million was moved to several untraceable addresses. Blockchain analytics service Arkham flagged that 500 Bitcoins worth about $35 million were shifted from the Mt. Gox offline storage system to a mysterious address beginning with “12cTj”.

    Not long after, there were two more transactions involving 31.78 and 468.24 Bitcoins to two unknown addresses. These are the first significant Bitcoin moves from Mt. Gox related wallets in about a month. According to Arkham, there’s still around 44,905 Bitcoins (worth roughly $3.1 billion) in Mt. Gox’s flagged addresses.

    In August, the bankrupt crypto exchange moved about 12,000 coins (worth roughly $700 million at that time) to a new hidden wallet. This was the first significant transaction since late July when the person in charge of handling Mt. Gox assets started paying back the exchange’s creditors.

    Earlier in the month, Mt. Gox announced a one-year delay to the deadline for paying back its creditors, with the new date set at October 31, 2025. The exchange said many creditors were yet to receive their repayments because they hadn’t completed the necessary procedures. The statement also noted that some creditors received double deposits due to “system issues.” The person overseeing the repayments accepted the mistake and asked those who received the extra funds to return them.

    Mt. Gox was among the first Bitcoin exchanges in the world and at one point processed about 70% of all global Bitcoin transactions. However, it experienced several security issues and attacks which eventually led to its downfall in 2014.

    Concerns have been raised about how the process of returning Mt. Gox’s funds and possible sell-off of Bitcoin could affect current Bitcoin prices. Recently, Bitcoin’s price fell 5.5% from its October 30 peak of $73,300 to just under $69,000 in early November 1 trades. However, this is unlikely related to the recent Mt. Gox Bitcoin movements as the market slump had already started around 18 hours prior.

    Source: Cointelegraph

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