Mt. Gox Moves $172.5 Million in Bitcoin to Unknown Wallet, Here's the Explanation

The bankrupt crypto exchange, Mt. Gox, caused a stir by the public because it moved around $172.5 million in Bitcoin into an unknown wallet.

Bankrupt crypto exchange Mt. Gox made waves once again on December 17, 2024, by shifting around $172.5 million in Bitcoin to an unknown wallet. This occurred less than a day after the price of Bitcoin surged to a new record, coming close to the six-figure mark of US$108,000 (Rp1.7 billion) per coin.

According to data from Arkham Intelligence, Mt. Gox moved 1,619.6 BTC to two unidentified addresses on December 17. The shipment of these coins was made in two transfers of 1,427.9 BTC and 191.7 BTC, respectively.

Part of the 1,427.9 BTC transfer flowed to the wallet with the initials 1DeY, after first going through another wallet containing about 108 BTC. Meanwhile, 108 BTC and 191.7 BTC were separated, flowing through several other wallets before finally collecting in a wallet that started with 1KLr, which now stores around 300 BTC.

While this movement is suspicious, there is unfortunately no clear information yet on the reasons behind the Bitcoin transfer. Having gone bankrupt in 2014, Mt. Gox has previously shifted their Bitcoins several times to pay creditors.

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On December 5, they also moved over 24,000 BTC, valued at nearly 2.5 billion US dollars (Rp40 trillion), to an unknown address, just 12 minutes after the price of Bitcoin first crossed the US$100,000 (Rp1.6 billion) mark.

Currently, Mt. Gox still holds about 36,085 BTC, valued at 3.86 billion US dollars (Rp61.7 trillion), spread across some of the wallets they control, according to data from Arkham Intelligence. Creditors and users of Mt. Gox who have not yet received payment have the option to accept Bitcoin in place of their claims.

Despite Mt's move. Gox is usually interpreted as a bad sign for the price of Bitcoin, the latest movement doesn't seem to have had much impact. The price of Bitcoin remained around 106,500 US dollars (Rp1.7 billion), after hitting a new high of 107,857 US dollars (Rp1.7 billion) on December 17, 2024.