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Mt. Gox transfers $2.8 billion in Bitcoin, distributes $340 million to Bitstamp addresses

Vivian Nguyen

Jul. 23, 2024

Bitcoin's price dipped below $66,500 after Mt Gox's large BTC transfer.

Mt. Gox transfers $3.2 billion in Bitcoin with $150 million sent to Bitstamp

Key Takeaways

Mt Gox sent around $2.8 billion in Bitcoin to a new wallet on Tuesday.
The transfer is part of a $9 billion repayment plan to creditors.

A wallet linked to the now-defunct crypto exchange Mt. Gox transferred 42,587 Bitcoin (BTC), valued at $2.85 billion, to a new address early Tuesday in order to distribute 5110 BTC, worth around $340 million, to four Bitstamp addresses, according to a recent report from Arkham Intelligence.

Mt. Gox’s recent wallet activities – Source: Arkham Intelligence

These transactions could be part of an ongoing process to repay $9 billion in Bitcoin to creditors, which was confirmed earlier this month. Mt. Gox’s latest wallet activities follow a number of small Bitcoin transfers made yesterday, including one linked to Bitstamp. Those were believed to be test transactions before major distributions.

Bitstamp is one of the designated exchanges to handle Mt. Gox’s repayments. Other exchanges like Kraken have also received their shares, with Bitbank and SBI VC Trade reportedly distributing the funds to creditors shortly after receipt.

At the time of reporting, Mt. Gox’s Bitcoin holdings are valued at over $6 billion.

The recent transfer led to a sudden drop in Bitcoin’s price, which fell below $66,500 after hitting a high of $68,200 earlier today, CoinGecko’s data shows.

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