Mt. Gox is back within the news, this time, transferring 32,371 Bitcoin, valued at $2.19 billion at current prices, to an undisclosed address. The transaction from a defunct crypto exchange happened when Bitcoin’s market price was stuck within the $65k to $73k range and anticipating the outcomes of the US elections.

Arkham Intelligence was certainly one of the primary firms to trace the movement, stating that 32,371 BTC had moved out of the address. Arkham said that there have been two transfers made out of the suspected Mt. Gox wallet: the primary, amounting to 30,371 tokens to a wallet with an address that starts at “1FG2Cv…” and the second tranche, with 2,000 tokens to a chilly wallet still owned by the previous exchange, before being moved to a different unnamed destination.

Source: Arkham Intelligence

Mt. Gox Still Holds Over 44k BTC

Based on an Arkham Intelligence estimate, the defunct exchange boasts 44,378 BTC in its inventory, which is around $3 billion at current prices. Many experts say the present wallet movement is said to the planned settlement and repayment to creditors after it filed for bankruptcy in 2014.

Although the exchange isn’t any longer operational, its crypto wallets remain energetic. For instance, the exchange recently moved 500 tokens (around $35 million) to undisclosed addresses. The corporate didn’t share any details about this recent BTC transfer. Still, many observers speculate that it’s a part of its efforts to cover its obligations as a part of the settlement process.

A Bankruptcy Due To Hacking

Before it filed for bankruptcy protection, Mt. Gox was considered the most important crypto exchange platform. Founded in 2020, it processed greater than 70% of world crypto transactions at its height.

Then, a series of hacks and security breaches from 2011 to 2014 targeted the corporate. During this era, the exchange lost around 850k BTC, making it certainly one of the most important crypto hacks in history. Although law enforcement managed to trace and get well around 140k, this was not enough to avoid wasting the exchange, which eventually filed for bankruptcy protection.

Repayment Deadline Prolonged

As a part of the exchange’s bankruptcy plan and protection, it must repay its creditors and former customers. The exchange’s trustee prolonged the repayment deadline by one yr, making the last week of October 2025 its latest deadline.

Mt Gox faces a difficult repayment process involving billions of dollars. On account of its size, some analysts are concerned that the exchange’s former creditors can liquidate their digital assets, causing a sell-off. The highest digital asset is trading on the $68k level and remained almost unchanged for the remaining of the day.

Featured image from Protos, chart from TradingView