BTC Plummets, Mt.Gox Sends $2.2B in Bitcoin to 2 Wallet

After first going to a Mt.Gox cold wallet, most of that stash—nearly 30,400 bitcoin BTC—was sent to “1FG2C…Rveoy,” and 2,000 BTC was sent to “15gNR…a8Aok.”

As the now-defunct cryptocurrency exchange Mt.Gox processed its biggest transfer in months in anticipation of a future sale, Bitcoin (BTC) prices fell early Tuesday.

Before the U.S. elections later in the day, which are set for the morning hours in the United States, Bitcoin fell below $68,000 and lost 2% on the last day, contributing to a broader market decline. This week, traders anticipate a spike in market volatility with price movements of up to $8,000 each week.

According to Arkham data, Mt. Gox sent more than 32,000 Bitcoin to unregistered wallet addresses, equivalent to $2.2 billion at today’s exchange rates. After first going to a Mt. Gox cold wallet, the majority of that stash—nearly 30,400 BTC—was transferred to “1FG2C…Rveoy,” and 2,000 BTC was transferred to “15gNR…a8Aok.”

Before being transmitted to cryptocurrency exchanges, where the bitcoin is sold on the open market, these wallet transfers typically involve consolidating holdings to new addresses.

According to traders, Mt. Gox’s repayments are mostly seen as increasing selling pressure on the bitcoin (BTC) markets since early investors would get assets at a significantly greater value than when they first entered the market in 2013, which will encourage them to sell at least some of their holdings.

In its early years, Mt. Gox handled more than 70% of all Bitcoin transactions, making it the leading cryptocurrency exchange in the world. An estimated 740,000 bitcoins (more than $15 billion at current values) were lost in an exchange hack in early 2014. The hack was the most significant of the numerous attacks on the exchange during 2010–2013.

A Tokyo court last year gave the trustees, who have been working on a repayment plan for several years, an October 2024 deadline. The payback deadline was, however, postponed by one year to October 31, 2025, in October.