Mt. Gox Transfers $2.4 Billion in Bitcoin Amid Uptober Trend, Signaling Potential Market Sale

The defunct exchange just moved over 30,000 BTC to a wallet. This wallet was the largest recipient in the latest round of transfers. Typically, these kinds of transfers signal that an exchange is getting ready to sell tokens on the open market.

We're seeing a trend called "Uptober" as stablecoin liquidity and Bitcoin transactions rise. Recently, Mt. Gox, the defunct crypto exchange, transferred a whopping $2.4 billion in Bitcoin (BTC) to two wallets, according to Arkham data. This comes as Bitcoin continues to break records, recently crossing the $81,000 mark over the weekend.

The trustees moved more than 30,000 BTC from the wallet “1FG2C…Rveoy” to a new wallet called “1Fhod…LFRT.” They also transferred $200 million to a Mt. Gox cold wallet. Notably, “1FG2C…Rveoy” was the largest recipient of BTC in last week’s Mt. Gox wallet movements.

These wallet transfers often represent a consolidation of holdings. They typically move to new addresses before being sent to crypto exchanges for sale on the open market.

Once upon a time, Mt. Gox was the leading crypto exchange. It handled over 70% of all Bitcoin transactions in its early years. However, in early 2014, hackers attacked the exchange, resulting in the loss of around 740,000 Bitcoin—worth over $15 billion today. This was the largest of several attacks on the exchange from 2010 to 2013.

Currently, the trustees have put together a repayment plan. The deadline for this plan is set for October 31, 2025, according to the latest filings.