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Mt. Gox Transfers $2.7B in Bitcoin to New Wallet

Jul 5, 2024 at 12:30
Mt. Gox has made several smaller test transactions in recent months. Source: Arkham Intelligence
Mt. Gox trustee Nobuaki Kobayashi said creditor repayments would commence in July. Source: Nobuaki Kobayashi

Mt. Gox, the defunct Japanese crypto exchange, has moved over 47,000 BTC, valued at $2.71 billion, to an unidentified wallet as part of its plan to start repaying creditors. This marks the exchange’s first significant transaction since May. According to blockchain analytics firm Arkham Intelligence, the transfer occurred on July 5 at 12:30 am UTC from a cold storage wallet.

Bitcoin is down 6.9% in the last week. Source: TradingView

This movement aligns with Mt. Gox’s scheduled repayments to creditors, with a total of $8.5 billion in Bitcoin set to be distributed. Later, at 4:15 am UTC on July 5, Mt. Gox transferred 1,545 BTC to the hot wallet of Bitbank, a crypto exchange aiding in the repayment process.

Mt. Gox’s trustee, Nobuaki Kobayashi, announced on June 24 that all necessary steps to begin repayments in July had been completed. Market commentators have expressed concerns about the potential impact of large volumes of Bitcoin entering the market after being locked away for over a decade.

Some analysts, however, believe the amount of Bitcoin likely to be sold is closer to $4.5 billion. Alex Thorn, head of research at Galaxy Digital, suggested that many Mt. Gox Bitcoin holders might hold onto their assets due to potential capital gains taxes associated with selling.

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Previously, on May 28, Mt. Gox transferred nearly $7.3 billion worth of Bitcoin to another unknown wallet, causing Bitcoin prices to drop by up to 2%. Bitcoin’s price fell sharply on July 4 and continued to decline in the following hours. It is currently trading at $57,226, down 6.9% for the week but up 35.6% year-to-date, according to TradingView data.

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