Hacked Mt. Gox Transfers $7.3B in Bitcoin First Time in Years

Mt. Gox, the crypto exchange that faced the major hack in history, has transferred $7.3 billion to the unknown wallet.

On May 28, more than 107,000 Bitcoins (BTC), valued at approximately $7.3 billion, were transferred from the defunct exchange Mt. Gox’s wallets to an unknown address.

This movement of funds is likely part of a strategy to repay Mt. Gox creditors by October 31, 2024.

Mt. Gox BTC Transfer in 13 Transactions

Blockchain tracking account Whale Alert reported notable on-chain activity involving Mt. Gox’s wallets. They observed six major transactions, ranging from 3,999 BTC to 32,499 BTC, within a few hours.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 32,499 #BTC (2,200,333,176 USD) transferred from #MtGox to unknown wallethttps://t.co/LGkyAlpYZQ

— Whale Alert (@whale_alert) May 28, 2024

According to the blockchain wallet activity data, the $7.3 billion worth of Bitcoin transferred from Mt. Gox was split into 13 separate transactions.

Outflows from Mt. Gox addresses continue:

Now a total of 42,829 Bitcoin have moved out from Mt. Gox addresses in the last few hours.

All coins have been transferred to a new address: 1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6 pic.twitter.com/s19TtkMP3i

— Julio Moreno (@jjcmoreno) May 28, 2024

Blockchain explorer Arkham Intelligence disclosed that all these transactions were directed to a single, unidentified address. This address now holds approximately 141,686 BTC, valued at nearly $9.57 billion at the reporting time.

Arkham Intelligence shows unlabelled wallet holds $9.57B

This movement marks the first transfer of assets from Mt. Gox’s cold wallets in over five years and might be part of the exchange’s long-standing commitment to reimburse creditors by October 2024.

Following the collapse of its exchange in 2014, Mt.Gox owes about 127,000 creditors over $9.4 billion worth of Bitcoin.

Mt. Gox trustee Nobuaki Kobayashi had previously extended the repayment deadline from October 31, 2023, to October 31, 2024. This was contained in a letter dated September 21, 2023, in which Kobayashi explained that the extension provided more time to manage the complex process of reimbursing the creditors of the defunct exchange.

BTC Sheds 2% Loss Amid Mt. Gox BTC Transfer

Bitcoin price dropped by about 2% following the movement of BTC from the Mt. Gox cold wallet. At press time, it is trading at $67,930, down from $69,440 at the time of the first transfer, according to CoinMarketCap.