Mt. Gox moves over 47,000 BTC to new wallet ahead of creditor repayment

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Cryptobriefing2024/07/05 03:04

By:Cryptobriefing

Key Takeaways

Mt Gox has moved 47,229 BTC ahead of a $9 billion payout to creditors.
The transaction could influence market dynamics due to increased supply.

Mt. Gox, the defunct Bitcoin exchange, transferred 47,229 BTC, worth around $2.7 billion, to a new wallet as it gears up to distribute $9 billion in Bitcoin, Bitcoin Cash, and fiat to its creditors starting in July, according to data from Arkham Intelligence. Mt. Gox now holds $8.1 billion in Bitcoin.

Mt. Gox moves over 47,000 BTC to new wallet ahead of creditor repayment image 0

Mt. Gox moves over 47,000 BTC to new wallet ahead of creditor repayment image 1

Mt. Gox executes a $2.7 billion Bitcoin transfer to a new wallet

The latest transfer follows a number of small ones made early today, with the largest being $24 worth of Bitcoin Arkham’s data shows. A portion of the Bitcoin stash was sent to a Bitget-labeled wallet. Since Bitget is one of the exchanges designated to handle Mt. Gox’s creditor repayment, the transfer is believed to be a test transaction.

Mt. Gox-labeled wallet’s recent activities have stirred the market, with concerns about potential impacts on Bitcoin’s price due to possible sales by creditors. Previously, on May 28, the wallet moved nearly $7.3 billion worth of Bitcoin to another unknown wallet. Following the move, Bitcoin’s price fell by 2%.

Bitcoin hit a low of $56,800 shortly after Mt. Gox moved $2.7 billion in Bitcoin, according to data from CoinGecko. At the time of writing, Bitcoin is trading at around $57,000, down 7% in the last week.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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