Mt. Gox transfers $172M Bitcoin as BTC nears $107K

Mt. Gox, the bankrupt crypto exchange, has moved approximately $172.5 million worth of Bitcoin to new wallets as Bitcoin (CRYPTO:BTC) hovers near $107,000.

According to Arkham Intelligence, the exchange transferred around 1,619.6 BTC on December 17, split between two untagged wallets: one holding 1,427.9 BTC and the other 191.7 BTC.

A portion of the larger transfer was routed through several wallets, eventually ending up in a wallet starting with "1DeY," after moving through another containing about 108 BTC.

The rest was cycled through various addresses before reaching a wallet beginning with "1KLr," now holding 300 BTC.

The purpose of these transfers remains unclear.

Mt. Gox declared bankruptcy in 2014, and previous transfers of its Bitcoin have typically been followed by payouts to creditors.

This latest transfer follows a similar move on December 5, when Mt. Gox shuffled over 24,000 Bitcoin worth nearly $2.5 billion at the time, just after Bitcoin crossed $100,000.

Arkham data indicates that Mt. Gox still controls roughly 36,085 BTC, valued at around $3.86 billion.

Creditors of the exchange can opt to receive their repayments in Bitcoin.

Despite concerns that Mt. Gox’s Bitcoin movements could have a bearish impact, Bitcoin’s price has remained relatively stable.

It has been trading around $106,500 after hitting a high of $107,857 on December 16.

In October, the trustee handling Mt. Gox’s assets extended the deadline for creditor repayments until October 31, 2025, noting that many creditors had not completed the necessary steps for receiving their funds.

At the time of reporting, the price of Bitcoin (BTC) was $106,673.