Mt. Gox is back in 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 in the $65k to $73k range and anticipating the results of the US elections.

Arkham Intelligence was one of the first firms to track the movement, stating that 32,371 BTC had moved out of the address. Arkham said that there were two transfers made out of the suspected Mt. Gox wallet: the first, 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 cold wallet still owned by the former exchange, before being moved to another unnamed destination.

Source: Arkham Intelligence

Mt. Gox Still Holds Over 44k BTC

According to 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 current wallet movement is related to the planned settlement and repayment to creditors after it filed for bankruptcy in 2014.

Although the exchange is no longer operational, its crypto wallets remain active. For example, the exchange recently moved 500 tokens (around $35 million) to undisclosed addresses. The company did not share any information about this recent BTC transfer. Still, many observers speculate that it’s part of its efforts to cover its obligations as part of the settlement process.

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Author: Christian Encila