The long-defunct Mt Gox exchange began a massive on-chain Bitcoin movement on Monday, transferring approximately 10,608 BTC worth $950 million to a new wallet address, according to data from blockchain analytics firm Arcam Intelligence.
The transfer took place around 11:40 pm ET, with approximately 10,422 BTC sent to an unverified address labeled “1ANkD…ojwyt,” while a smaller portion of approximately 185.5 BTC was returned to Mt. Gox’s own hot wallet.
Historically, such large BTC movements by Mt. Gox have usually foreshadowed repayments to creditors who lost money in the exchange’s collapse in 2014.
While it is not yet clear whether the recent transfers are directly related to creditor repayments, the timing is particularly unfortunate given BTC’s downward trend, with BTC prices continuing to fall to a seven-month low near $90,000. This on-chain move may have further heightened market speculation about impending repayments to creditors and subsequent potential decline.
Mt.Gox was hacked in early 2014, losing approximately 850,000 BTC and forcing the company into bankruptcy. Efforts to repay the debt began last year. According to Arcam data, the exchange still holds approximately 34,689 BTC (worth approximately $3.1 billion) in various wallets.
