Mount Gox is back in the news this time, Transfer 32,371 Bitcoinvalued at $2.19 billion at current prices, to an undisclosed address. The transaction from a defunct crypto exchange took place when Bitcoin’s market price was stuck in the $65,000 to $73,000 range ahead of the US election results.
Arkham Intelligence was one of the first companies to track the movement, stating that 32,371 BTC had left the address. Arkham said two transfers have taken place from the suspected Mt. Gox wallet: the first, amounting to 30,371 tokens to a wallet with an address starting with “1FG2Cv…” and the second tranche, with another 2,000 tokens to a cold wallet. property of the former stock exchange, before being moved to another unnamed destination.
Source: Arkham Intelligence
Mount Gox still owns over 44,000 BTC
According to an estimate from Arkham Intelligence, the defunct exchange has 44,378 BTC in its inventory, which is approximately $3 billion at current prices. Many experts say the current portfolio movement is related to its planned settlement and repayment to creditors after it filed for bankruptcy in 2014.
Although the exchange is no longer operational, the crypto wallets remain active. For example, the exchange recently moved 500 tokens (about $35 million) to undisclosed addresses. The company has not shared any information about this recent BTC transfer. Still, many observers speculate that this is part of her efforts to fulfill her obligations as part of the settlement process.
Bankruptcy as a result of hacking
Before it filed for bankruptcy protection, Mount Gox was considered the largest crypto exchange platform. Founded in 2020, at its peak it processed over 70% of global crypto transactions.
The company was then hit by a series of hacks and security breaches from 2011 to 2014. During this period, the exchange lost approximately 850,000 BTC, making it one of the largest crypto hacks in history. Although law enforcement agencies managed to track down and recover approximately 140,000, this was not enough to save the exchange, which eventually filed for bankruptcy protection.
Refund period extended
As part of the exchange’s bankruptcy plan and protection, the exchange must repay its creditors and former customers. The exchange’s trustee extended the repayment deadline by one year, making the last week of October 2025 the new deadline.
Mount Gox is facing a challenging reimbursement process involving billions of dollars. Because of its size, some analysts are concerned that the exchange’s former creditors could liquidate their digital assets, triggering a sell-off. The key digital asset is trading at the $68k level and remained virtually unchanged for the rest of the day.
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