Mt. Gox appears to have transferred 12,000 BTC -2.49% to an unknown wallet on Tuesday night, according to blockchain analytics firm Arkham.

The defunct cryptocurrency exchange sent the bitcoin worth $709.44 million to wallet address “1PuQB…nWhTb” at around 11:39 p.m. UTC on Tuesday, along with a transfer of 1264.69 BTC ($74.77 million) to address “1Jbez…LAPs6” that is identified by Arkham as a cold wallet belonging to Mt. Gox. The funds have not been further transferred to other addresses yet.

Last week, a wallet likely belonging to cryptocurrency exchange BitGo moved the majority of around $2 billion worth of bitcoin it received from Mt. Gox to a separate wallet, Arkham said on X.

Such movements of bitcoin in the recent past have preceded repayments from Mt. Gox to its creditors via distributors such as Bitstamp and Kraken crypto exchange. The large movement of funds may indicate that the Mt.Gox creditor repayments are nearing completion.

Established in 2010, Mt. Gox operated the largest bitcoin exchange in the world until the platform suffered a major security breach in 2014, resulting in the loss of at least 850,000 BTC. Thousands of creditors have been waiting to have their bitcoin returned to them, a process that has been unfurling over the past weeks.

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