Bitcoin on a stack of coins with MtGox logo on a laptop screen. Source: 24K-Production - stock.adobe.com

Key Takeaways:

Massive Bitcoin Transfer: Mt. Gox transferred 24,051 BTC (~$2.4B) shortly after Bitcoin surpassed $100K, marking its first activity since November.
Market Concerns: Large transfers like this often signal potential sell-offs, though many creditors previously stated they’re not rushing to sell.
Repayment Delays Persist: Mt. Gox’s creditor repayments remain delayed, with the next deadline set for October 2025.

The defunct cryptocurrency exchange Mt. Gox transferred 24,051 Bitcoin (BTC), worth $2.4 billion, to an unknown address on December 5, just minutes after Bitcoin surpassed the $100,000 milestone.

This marked Mt. Gox’s first activity since November 12, with the transfer occurring 12 minutes after Bitcoin broke $100,000.

Mt. Gox Moves Over $2.4B in Bitcoin as Price Breaks $100K. pic.twitter.com/NS0BsPWbnP
— TheCryptoBasic (@thecryptobasic) December 5, 2024

Bitcoin continued to surge, reaching $104,000 shortly afterward.

The motives behind this transfer are unclear, though past activity suggests it may relate to preparations for creditor repayments.

Since Mt. Gox’s 2014 bankruptcy, creditors have awaited compensation, with the repayment process plagued by delays.

The latest deadline for creditor claims has been extended to October 31, 2025, due to incomplete documentation.

Large transactions like this often raise market concerns, as they could indicate an influx of BTC from creditors looking to sell, potentially pressuring prices.

However, analysts argue the market has likely accounted for this potential sell-side risk.

Notably, many creditors in prior polls have expressed reluctance to sell their Bitcoin immediately upon repayment.

Mt. Gox retains 39,878 BTC, valued at $4.1 billion, emphasizing its enduring influence on the cryptocurrency market despite its collapse nearly a decade ago.