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Mt.Gox Moves $1B Bitcoin to New Wallet
The activity marks some of the largest transactions from the exchange since its bankruptcy in 2014.
What to know:
Defunct cryptocurrency exchange Mt. Gox today transferred over 12,000 bitcoin (BTC), worth over $1.2 billion, to a new wallet earlier Thursday.
Trustees transferred the assets from wallet "1PuQBjpPfAuANa3KM4HBdfF98BC7wnWhTb" to a cold wallet and a new wallet "1Mo1nW5ZM5m2tx9qMsYm2YJxGn3TeS9gR9."
The activity marks some of the largest transactions from the exchange since its bankruptcy in 2014. Such wallet transfers are usually a consolidation of holdings to new addresses before they are sent to crypto exchanges, where the bitcoin is sold on the open market.
Mt. Gox was once the world’s top crypto exchange, handling over 70% of all bitcoin transactions in its early years. In early 2014, hackers attacked the exchange, losing an estimated 740,000 bitcoin (more than $15 billion at current prices).
Trustees have put together a repayment plan with a deadline of October 31, 2025, per the latest filings. Meanwhile, bitcoin was trading over $92,300 as of Asian morning hours, up 6.5% in the past 24 hours.
Shaurya Malwa
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis. Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA. He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
