Blockchain analytics firm Arkham has reported that the defunct cryptocurrency exchange Mt. Gox transferred 12,000 Bitcoin (CRYPTO: BTC), valued at approximately $709.44 million, to an unidentified wallet on Tuesday night.

What Happened: The transaction occurred at around 11:39 p.m. UTC and involved the transfer of Bitcoin to the wallet address “1PuQB…nWhTb.”

Additionally, 1,264.69 BTC, worth about $74.77 million, was moved to another address identified by Arkham as a cold wallet still under Mt. Gox’s control.

So far, these Bitcoin funds have not been moved further from their current addresses.

This movement follows last week’s activity, where a wallet, likely associated with the cryptocurrency exchange BitGo, transferred the majority of nearly $2 billion worth of Bitcoin received from Mt. Gox to a different wallet, according to Arkham.

Historically, significant Bitcoin transfers from Mt. Gox have often been followed by repayments to the exchange’s creditors through platforms like Bitstamp and Kraken.

Also Read: Bitcoin, Ethereum Down 2% Despite ETF Flows, But One Cryptocurrency Is Up 12%

Why It Matters: This recent large-scale transfer could suggest that the long-awaited repayments to Mt. Gox creditors are nearing their final stages.

Mt. Gox, which was founded in 2010, was once the world’s largest Bitcoin exchange before suffering a catastrophic security breach in 2014, leading to the loss of at least 850,000 BTC.

Since then, thousands of creditors have been waiting for the return of their lost Bitcoin, and recent developments indicate that the restitution process is finally progressing.

As the situation with Mt. Gox continues to evolve, the upcoming Benzinga Future of Digital Assets event on Nov. 19 will serve as a crucial platform to discuss the broader implications of these Bitcoin movements.

Read Next:

• Robert F. Kennedy Jr. To Drop Out Of The Race? 80% Likely, Crypto Bettors Say, And Here’s What Could Happen Next

Image: Shutterstock