Defunct crypto exchange Mt. Gox has made its first significant transaction in two months, transferring 12,000 BTC to new wallets amid a market rebound.
Arkham Intelligence, a reputable market analytical firm, disclosed this transaction early Thursday. The Bitcoin transfer involved a wallet identified as Mt. Gox’s on-chain address and two new wallets.
According to the data, Mt. Gox moved 12,000 BTC worth $1.09 billion over two transactions to two separate addresses, raising speculation it may have resumed repayment. Meanwhile, the movement coincided with a market rebound, with Bitcoin reclaiming $92,000.
First Significant Transaction in Two Months
On Thursday, at 00:30 (UTC), the exchange sent 12,000 BTC to two wallets, its first tangible transaction since moving 319 BTC two months ago. Mt. Gox’s “1PuQB” address moved 166.5 BTC ($15.12 million) to its cold wallet labeled “1JbezD,” the same address that received its last transfer.
Furthermore, the “1PuQB” address moved 11,834 BTC ($1.07 billion) to an unmarked wallet with the initials “1Mo1nW.” At the time of writing, the wallet, with no trace of a prior transaction, still holds the received tokens.
Meanwhile, Mt. Gox still holds 36,080 BTC, worth around $3.33 billion at the current market price. Since it resumed repaying creditors in July, the exchange has distributed over $7 billion.
Bitcoin Rebounds Above $92,000 Despite Raised Eyebrow
Mt. Gox recently extended the distribution process to October 2025 to minimize the impact of the repayment on the market and ensure that creditors fulfill all requirements in receiving their funds. Yet, each transaction has raised eyebrows among market participants.
Meanwhile, the bankrupt Japanese exchange has made substantial progress in its repayment process. In December, it sent 3,631.87 BTC to the market maker B2C2, with today’s transaction extensively reducing the 138,985 BTC in its wallet before the distribution to just 36,080 BTC.
Moreover, Bitcoin held its own despite the skepticism the shift sparked. The pioneering cryptocurrency has appreciated over 6% in the past 24 hours as positive sentiments from the forthcoming Friday White House Crypto Summit spur bullish momentum.
At the time of writing, Bitcoin trades at $92,347, with its market cap reclaiming $1.8 trillion.
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