After two weeks of inactivity, Mt. Gox’s transfer of over 140,000 BTC from its wallet has raised concerns in the market.
Defunct crypto exchange Mt.Gox transferred 140,000 BTC, worth over $8 billion, to a known wallet and two unidentified addresses on June 16 as the crypto market braces for impact.
Blockchain analytics platform Arkham Intelligence noted that the exchange still holds 138,985 BTC, valued at $8.7 billion, in its main wallet.
Two transactions involved the transfer of nearly 96,000 BTC, valued at over $6 billion, to two unidentified wallets, while an additional 44,527 BTC was sent to a known Mt. Gox wallet.
Mt. Gox Transactions
According to data, the total volume of Mt. Gox’s bitcoin transactions reached nearly 190,000 BTC, worth over $12 billion in three hours.
The unidentified address ending in “BHDct9b” received 42,587 BTC, valued at $2.69 billion, whereas the remaining 4,641.24 BTC, worth $293.94 million, was sent to “Mt. Gox: Cold Wallet (1Jbez).”
Furthermore, an additional 48,641 BTC, valued at $3.07 billion, was transferred to a different, unknown address, moving more funds out of the main Mt. Gox wallet.
Mt. Gox Begins Repayment
On July 5, Mt. Gox announced that it had started paying some rehabilitation creditors through the designated crypto exchanges. The crypto exchange moved 47,229 BTC, worth approximately $2.7 billion, to a newly created wallet address.
The firm also stated that the remaining rehabilitation creditors would receive their funds “promptly” once all necessary conditions are met. The announcement increased selling pressure on bitcoin and the broader crypto market.
Meanwhile, Mt. Gox ceased operations and declared bankruptcy on February 24, 2014, after it lost roughly 850,000 bitcoins. On June 22, 2018, the exchange started a “civil rehabilitation” process. Its primary objective was to help creditors recover what they lost by giving them BTC directly, not the equivalent amount of money from 2014.
