Mt. Gox moves over 47,000 Bitcoin, Bitcoin's price drops below $64,000
The recent transaction could be part of the entity's repayment plan.
Key Takeaways
- Mt. Gox made several Bitcoin transfers on Tuesday, including over 47,000 Bitcoin to an unknown wallet.
- The entity still holds over $8.7 billion in Bitcoin.
Share this article
A cold wallet linked to the defunct exchange Mt. Gox transferred over 47,000 Bitcoin (BTC), valued at almost $3 billion, to an unidentified wallet earlier today, according to data from Arkham Intelligence. Bitcoin dropped below $64,000 shortly after the move, CoinGecko’s data shows.
Data also indicates that Mt. Gox’s wallet had made several Bitcoin transfers before the move, including 0.021 BTC to an unknown address, which could be a test transaction. The purpose of the latest transfer is unclear, though it is believed to be part of Mt. Gox’s repayment plan.
Mt. Gox reactivated its wallets on July 4, initiating a small transfer to a wallet linked to Bitbank, one of the exchanges that support the repayment process. The entity then moved over 47,000 BTC to a new wallet. Following these transactions, Mt. Gox’s trustee confirmed it had started the repayment process.
Some Reddit users reported that their Bitbank accounts received Bitcoin and Bitcoin Cash from Mt. Gox under the repayment plan. Bitbank is among the exchanges that support the repayment process.
As reported, the refund is not being made directly to holders. Funds are instead sent to designated exchanges, such as Kraken, Bitstamp, SBI, Bitbank, and BitGo. The exchanges said they would allow Bitcoin withdrawals for up to 90 days after receiving the funds.
At the time of reporting, the Mt. Gox-labeled wallet holds over 138,900 BTC, valued at $8.7 billion.
This is a developing story. We’ll give updates on the situation as we learn more.
Share this article
