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ZyCrypto 2025-03-08 18:03:35

Bitcoin Whale Transfers Large Amount of BTC from Mt. Gox Wallet to Cold Storage

Mt. Gox associated wallet moved 11,834 BTC to a new wallet address, while 166.5 BTC was sent to cold storage. The move comes as Mt. Gox continues to compensate victims of the 2011 exchange hack. The bankrupt cryptocurrency exchange has once again transferred large sums of Bitcoin . The transfers raise questions about the long-term repayment plans imposed upon the exchange. The cold wallet transfer was sent to a known Mt. Gox wallet, while the smaller transfer was sent to an unidentified wallet. Mt. Gox still has around 36,000 BTC, worth around $3 billion, located on wallets associated with the exchange. These large transactions broke a long period of idleness, with the last major transfer occurring in December 2024, totalling around $172 million. Mt. Gox extended its repayment deadline from October 31, 2024, to October 31, 2025, citing verification and processing requirements slowing down the process. Some creditors require fiat currency in repayments, while others prefer Bitcoin or Bitcoin Cash. This transfer occurs just a month after the last one, which involved a smaller transfer of just 4 BTC from two internal wallets associated with Mt. Gox. While the reasons for these exact transactions remain unclear, they form a pattern of regular fund movements, most likely linked to the repayment scheme. In 2011, up to 950,000 BTC was stolen from the Mt. Gox exchange. Around 140,000 BTC was recovered, meaning that this amount, worth billions at today’s prices, could be returned to people who lost their money in the hack. Gregory Greene, one of the victims of the hack, filed a class action against Mt. Gox in 2014 not long after the exchange declared bankruptcy. His account had been frozen, so he could not access his $25,000 in Bitcoin. In 2011, two Russian nationals, Alexander Verner and Alexey Bilyuchenko, hacked Mt. Gox and extracted most of the crypto from it. Mt. Gox declared bankruptcy in 2014. Verner and Bilyuchenko accessed the users’ data and private keys owned by the exchange. Between 2011 and 2014 they funneled around 650,000 Bitcoins out of the Mt. Gox wallets. Around 300,000 BTC was funneled to the now-closed exchange BTC-E, which the FBI shut down in 2017. Russian national Matt Alexander Vinnik was arrested in Greece and later was extradited to the U.S.