Bitcoin dips 2% as Mt. Gox wallets move over $7B to unknown wallet

    28 May 2024

    Bitcoin dipped 2% on May 28 after wallets labeled as belonging to the collapsed crypto exchange Mt. Gox moved 107,547 BTC worth nearly $7.3 billion to an unknown wallet — with more transactions coming in by the hour.

    The move is ahead of the defunct crypto exchange’s plan to return BTC holdings to creditors before October.

    Blockchain tracking X account Whale Alert posted the moves in May 28 X posts, noting six on-chain transactions of between 3,999 BTC and 32,499 BTC within hours.

    Blockchain explorer Arkham Intelligence shows the the transaction hashes from 1:41 am to 4:46 am UTC include transfers from multiple Mt. Gox cold wallets, with most moving 2,000 BTC at a time.

    All transactions pointed to a single unlabeled address that holds 107,547 BTC worth nearly $7.29 billion at the time of writing.

    Mt. Gox trustee firm Nagashima Ohno and Tsunematsu did not immediately respond to an inquiry on where and why the Bitcoin was moved.

    Bitcoin dropped around 2% in the wake of the moving Mt. Gox BTC, it’s now trading at $67,875 compared to $69,374 at the time of the first transfer, according to CoinMarketCap.

    Last month, K33 Research analysts warned the move of Mt. Gox-era Bitcoin would “spook the market” and price-pressure the cryptocurrency.

    Over $9.4 billion worth of Bitcoin is owed to some of Mt. Gox’s 127,000 creditors who have waited to get it back for over ten years after the exchange collapsed in 2014 after multiple unnoticed hacks.

    Mt. Gox’s final repayment deadline is Oct. 31. Its trustee started contacting creditors in January to confirm their identity and exchange accounts for repayment.


    Leave a Reply

    Your email address will not be published. Required fields are marked *