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

Mt Gox's recent BTC transfer potentially sets stage for July's creditor repayment.

Mt Gox moves over 47000 BTC ahead of massive payout

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.

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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 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.

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