Mt. Gox Moves $2.8B in BTC Amid Bitcoin's Surge Past $100K

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An address tied to long-defunct crypto exchange Mt. Gox moved large amounts of BTC to an unidentified address early Thursday as the cryptocurrency's price rose to six figures.

The address labelled as <a href="https://intel.arkm.com/explorer/address/1FhodFYr1SDZD4XawyMJfmmfLenAAQLFRT" target="_blank">Mt. Gox (1FHOD)</a> by analytics firm Arkham Intelligence <a href="https://intel.arkm.com/explorer/tx/695dc851e34d8726a2b0e7e5af5c7a5d9f96f1218d8e945a051b2132535f2841" target="_blank">moved 27,871 BTC</a> worth $2.8 billion to another address: 1N7jWmv63mkMdsYzbNUVHbEYDQfcq1u8Yp. The exchange still holds 39,878 BTC worth over $4 billion at press time.

The latest outflow comes three weeks after the defunct exchange transferred 2,500 BTC to an unknown address and has <a href="https://x.com/CoinEdition/status/1864524335697822144" target="_blank">grabbed</a> eye balls on crypto social media. These on-chain movements are likely related to creditor reimbursements, which were a <a href="https://www.coindesk.com/markets/2024/07/16/first-mover-americas-bitcoin-retreats-as-mt-gox-moves-3b-of-btc" target="_blank">significant source</a> of bearish pressure this summer. In October, Mt. Gox trustee postponed the deadline for creditor repayments by one year to Oct. 31, 2025.

BTC is not showing any sign of weakness as of writing, trading steady above $103,000, CoinDesk data show.