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Mt. Gox Moves $2.8B in BTC Amid Bitcoin's Surge Past $100K
Defunct exchange Mt. Gox moves billions in BTC to an unknown address, raising alarm on crypto social media.
Updated Dec 5, 2024, 5:24 a.m. Published Dec 5, 2024, 5:16 a.m.
What to know:
- Mt. Gox moved $2.8 in BTC to an unknown address as prices rose into six figures, Arkham Intelligence data show.
- The defunct exchange still holds 39,878 BTC.
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 Mt. Gox (1FHOD) by analytics firm Arkham Intelligence moved 27,871 BTC worth $2.8 billion to another address: 1N7jWmv63mkMdsYzbNUVHbEYDQfcq1u8Yp. The exchange still holds 39,878 BTC worth over $4 billion at press time.
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The latest outflow comes three weeks after the defunct exchange transferred 2,500 BTC to an unknown address and has grabbed eye balls on crypto social media. These on-chain movements are likely related to creditor reimbursements, which were a significant source 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.
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