Mt Gox moves nearly 47,229 BTC ahead of $9 billion payout
Quick Take
- Defunct crypto exchange Mt Gox sent nearly 47,229 BTC to another address late Thursday.
- Mt Gox sent small amounts of bitcoin to a number of cold wallets yesterday.
Collapsed cryptocurrency exchange Mt Gox moved over 47,000 BTC to another wallet late evening on Thursday, according to Arkham Intelligence. This comes ahead of its impending $9 billion worth of bitcoin repayment to creditors.
One of Mt Gox’s three wallets that held significant portions of funds sent around 47,228.7 BTC (about $2.71 billion) to a wallet address that ends with “6onk.” Early on Thursday morning, a number of Mt Gox wallets were involved in two small transactions across a few hours, the largest being $24 worth of bitcoin.
After Mt Gox moved the bitcoin, the new wallet address sent back 2,702 BTC ($154.7 million) to the exchange's cold storage, which was subsequently sent to another new wallet, 1PKG....zwzV, Arkham data showed.
This wallet, 1PKG....zwzV, soon transferred 1,545 BTC ($85 million) to a hot wallet on Bitbank, according to Arkham data. Bitbank is among the exchanges identified as supporting Mt Gox repayments.
In late June, the defunct bitcoin exchange announced that it would begin distributing over $9 billion worth of funds in bitcoin, bitcoin cash and fiat currency to its creditors in early July.
“This significant payout, amounting to US$9 billion, is expected to add substantial selling pressure as the market absorbs the additional supply,” BTC Markets’ Crypto Analyst Rachael Lucas told The Block on Thursday.
Bitcoin’s value has fluctuated since Mt Gox announced that it would start repaying creditors from July. The cryptocurrency is trading around $56,994, down 5.54% in the past 24 hours and down 18.7% in the last 30 days, according to The Block’s bitcoin price page.
Founded in 2010. Mt Gox became the largest bitcoin exchange globally until the platform suffered a security breach in 2014, resulting in the loss of at least 850,000 bitcoin.
The article was updated with new information
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