Bitcoin Drops to $59,000 as Mt. Gox Executes Major Transfer

Bitcoin has dropped to $59,000 once again, following the movement of a significant amount of Bitcoin by the bankrupt exchange Mt. Gox.

Azcnews Bitcoin Drops To $59,000 As Mt. Gox Executes Major Transfer

According to blockchain analytics firm Arkham, Mt. Gox transferred 12,000 BTC into an unidentified wallet.

The defunct cryptocurrency exchange sent Bitcoin worth approximately $709.44 million to the address “1PuQB…nWhTb” around 11:39 PM UTC on Tuesday, alongside a transfer of 1,264.69 BTC (valued at $74.77 million) to the address “1Jbez…LAPs6,” which Arkham identified as a cold wallet associated with Mt. Gox. These funds have not yet been moved to any other addresses.

Mt Gox Movements
Mt Gox Movements

Last week, a wallet potentially linked to the cryptocurrency exchange BitGo transferred the majority of the Bitcoin—worth about $2 billion—that they received from Mt. Gox to a private wallet, Arkham reported on X.

Similar movements of Bitcoin in recent history have typically preceded Mt. Gox’s repayment of creditors through distribution channels like Bitstamp and the cryptocurrency exchange Kraken. The large transfer of funds could be a sign that Mt. Gox is nearing the completion of its creditor repayments.

Founded in 2010, Mt. Gox operated the world’s largest Bitcoin exchange until a major security breach in 2014 led to the loss of at least 850,000 BTC. Thousands of creditors have been waiting for the return of their Bitcoin, a process that has been unfolding over the past few weeks.

Love

0.0/5

Love
  1. Avatar of
    Anonymous

    Hello

Comments are closed.

Latest

Bnb Plunges After Being Added To Coinbase’s Listing Roadmap

News | Altcoin | Editor Choice

BNB Plunges After Being Added to Coinbase’s Listing Roadmap

BNB’s price has tumbled sharply in recent days, despite the positive news that the token is set to be listed on Coinbase.

Hyperliquid Leads The $1.4 Billion Token Buyback Wave Sweeping Through Crypto In 2025

News | Altcoin | Editor Choice

Hyperliquid Leads the $1.4 Billion Token Buyback Wave Sweeping Through Crypto in 2025

The year 2025 is witnessing the largest token buyback wave in crypto history, as blockchain projects have spent over $1.4 billion to reduce circulating supply — and Hyperliquid is leading the charge with an unprecedented scale.

Binance Selling Pressure Weighs On Bitcoin

News | Bitcoin | Editor Choice

Binance Selling Pressure Weighs on Bitcoin, But ‘Uptober’ Could Soon Turn the Tide

Despite the ongoing selling pressure, analysts at CryptoQuant believe this is only a short-term correction before Bitcoin’s typical late-October rebound — the so-called “Uptober” — begins.

Binance Completes Gopax Acquisition, Paving The Way For A South Korean Comeback

News | Editor Choice | Policy & Regulations

Binance Completes Gopax Acquisition, Paving the Way for a South Korean Comeback

According to a report from South Korean outlet MK, the world’s largest cryptocurrency exchange Binance has officially completed its acquisition of Gopax, one of the five licensed digital asset exchanges in South Korea.

Why Hyperliquid Is Becoming Unstoppable

News | Altcoin | Editor Choice

After the Crash and Scandal: Why Hyperliquid Is Becoming Unstoppable

Amid record-breaking liquidations and a listing scandal that rocked Binance, Hyperliquid has risen as DeFi’s “fortress of steel” — a living testament to the true power of transparency and decentralization.

Screenshot 2025 09 10 100533