Mt. Gox Moves $709 Million in Bitcoin in Major Transfer

Mt. Gox has recently moved 12,000 Bitcoin, valued at $709.4 million, to a new wallet. This is the first major transfer from the exchange since July.

The Bitcoin was sent to an address that had previously been inactive and represents a significant shift in Mt. Gox’s holdings.

In addition to this transfer, Mt. Gox moved another 1,265 BTC, worth $74.8 million, to a wallet identified as a Mt. Gox cold storage address on Arkham Intelligence. These funds have remained static since the transfer, leading to speculation about their potential use.

Despite some conjecture that these transactions might be preparing for creditor repayments, Alex Thorn from Galaxy suggests that the majority of the funds are likely being moved to new cold storage, with only a small fraction possibly earmarked for creditor distribution.

This recent activity follows a similar large-scale transaction on July 30, when Mt. Gox transferred 47,229 BTC to three different wallets. On that occasion, it was noted that 33,105 BTC was sent to a BitGo address, which is involved in handling Mt. Gox’s creditor repayments.

Further analysis by Lookonchain reveals that the 12,000 BTC transfer was sent to an address associated with Bitstamp. This is part of a broader repayment strategy that has been unfolding since July, involving transfers to various exchanges like BitGo, Bitstamp, Kraken, SBI VC Trade, and bitbank.

Notably, Mt. Gox still retains about 46,164 BTC, valued at $2.7 billion. Bitcoin’s current trading price is $59,370.83, reflecting a 2.56% decrease over the past 24 hours, which may be influenced by these substantial movements.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.