Mt. Gox-labeled wallets move billions in Bitcoin amid hopes of payback

Billions in Bitcoin reportedly belonging to collapsed crypto exchange Mt. Gox has moved to an unknown wallet.

Over a series of transactions, wallets labeled as belonging to collapsed crypto exchange Mt. Gox have just moved 42,884 Bitcoin (BTC) worth around $2.94 billion on May 28. 

The move comes ahead of its plan to distribute its BTC holdings back to creditors before October.

On-chain movement tracking X account Whale Alert posted a series of updates on May 28 X posts, noting moves of between 3,999 BTC to over 16,500 BTC in the last hour.

Whale Alert’s update said the moving Bitcoin was deposited to an “unknown wallet.”

The on-chain monitoring platform Arkham Intelligence hasn’t labeled the receiving wallet. Its platform shows Mt. Gox still holds nearly 138,000 BTC worth over $9.47 billion.

This is a developing story, and further information will be added as it becomes available.