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.

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.