Mt. Gox transfers $784M in Bitcoin, moving 12K BTC to new address

Just minutes ago, the notorious Mt. Gox exchange moved a massive 13,265 Bitcoins. This stash is worth $784 million. Out of this, 12,000 BTC were directed to a new address, while the remaining 1,265 BTC found their way to a cold wallet associated with Mt. Gox.

What’s interesting is that none of these coins have moved since. It seems like they’re just sitting there, waiting for the next move. The Mt. Gox address still holds 46,164 BTC, which adds up to about $2.73 billion.

In July, the exchange started paying back its creditors as part of a legal rehabilitation plan. And let’s be honest, the amounts we’re talking about here are insane. On July 5, 2024, they moved 47,228 BTC out of their offline wallets.

That’s about $2.7 billion, gone in one fell swoop. The repayment process was just getting started, but it set the tone for what was to come.

On July 16, Mt. Gox transferred a mind-boggling 48,641 BTC to an address many believe belongs to Kraken. At the time, those coins were worth $3.07 billion. And guess what? That wasn’t even the biggest transfer.

July 22 rolled around, and the Mt. Gox estate decided to shuffle things up again. This time, they moved $2.85 billion worth of Bitcoin to new wallets. Out of that, $340 million went straight to addresses owned by Bitstamp.

Another 37,477 BTC, worth around $2.5 billion, was sent off to an unknown wallet. As July came to an end, about 40% of the Bitcoin owed to Mt. Gox creditors had been handed out. That means roughly 60% is still up for grabs.

On August 1, Mt. Gox decided to stir the pot again by moving 33.96K BTC, which was valued at $2.25 billion, to a wallet tied to Bitgo.

At press time, the market was yet to react to the recent transfers. Bitcoin was worth $58,884, with a decrease of over 1% in the past twenty-four hours.

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