Mt. Gox Transfers $2.4B in Bitcoin to a New Wallet

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According to data from Arkham Intelligence, bankrupt cryptocurrency exchange Mt. Gox recently transferred 24,051.75 BTC, equivalent to approximately $2.4 billion, to an unidentified wallet address “1N7jW…1u8Yp” on late night Wednesday.

This marks the first significant transfer from Mt. Gox’s cold wallet storage since November 12. It is unknown if this transfer is related to the exchange’s future distribution to creditors, although similar movements in the past have preceded repayments through centralized exchanges such as Bitstamp and Kraken.

Mt. Gox recently announced a postponement of its repayment deadline to October 31, 2025. Meanwhile, the price of Bitcoin surpassed the $100,000 mark on Wednesday, driven by the positive outcomes of the US election for the cryptocurrency market. In the past 24 hours, Bitcoin’s value has risen by 7% to reach $102,952.