The defunct Mt. Gox exchange began a major on-chain bitcoin move on Monday, transferring approximately 10,608 BTC, worth $950 million, to a new wallet address, according to data from blockchain analytics firm Arkham Intelligence.
The transfer took place at approximately 11:40 pm ET, with around 10,422 BTC sent to an unidentified address named “1ANkD…ojwyt”, while a smaller portion of approximately 185.5 BTC was routed back to Mt. Gox’s own hot wallet.
Historically, such large BTC moves by Mt. Gox have typically presaged repayments to creditors who lost funds during the exchange’s 2014 collapse.
Although it is not yet clear whether the recent transfer is directly related to creditor repayments, the timing is particularly unfortunate, given the current downward trend in BTC that has seen prices fall below $90,000. This move up the chain may have increased market speculation about impending repayments to creditors and possible sell-offs that could follow.
Mt. Gox suffered a hack in early 2014, losing approximately 850,000 BTC, forcing the company to file for bankruptcy. Payment efforts began last year with a deadline for claimants in 2026. The exchange still holds about 34,689 BTC, worth nearly $3.1 billion, in various wallets, according to Arkham data.
