Mt. Gox Transfers $700M in Bitcoin to a New Wallet Address

Mt. Gox has transferred 13,265 Bitcoin (worth $784 million) to unknown wallets. This is the defunct cryptocurrency exchange’s first major on-chain activity since late July.

Blockchain analytics firm Arkham Intelligence reports that an address associated with Mt. Gox moved 12,000 BTC (valued at $709 million) to an empty wallet starting with “1PuQB.” The remaining 1,265 BTC (worth approximately $75 million) was sent to an address labeled as a Mt. Gox cold wallet.

This significant movement has sparked speculation about potential Bitcoin distribution to creditors who have been awaiting reimbursement since the exchange’s collapse in 2014. 

The Mt. Gox creditor reimbursements have been a significant source of downward pressure on BTC’s price this summer. While the latest batch of on-chain movement might not translate into substantial selling pressure, the overall impact on the market remains to be seen.