Mt.Gox Address Moves 47.2k BTC ($2.7B) to New Wallet Address

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Mt.Gox has transferred over 47,220 bitcoins worth more than $2.7 billion to an unidentified wallet address.

Mt.Gox, the victim of the greatest crypto hack in history, has taken steps to repay its customer losses since 2014. The collapsed crypto exchange has processed its first major transaction since May. On Friday morning, Mt.Gox moved 47,229 bitcoins to a newly created wallet address. 

Mt.Gox Transfers $2.7 Billion 

Arkham Intelligence revealed that the defunct Japanese exchange Mt.Gox transferred 47,229 BTC, worth about $2.71 billion at the current market price, through a cold wallet around 12:30 a.m. on Friday. A few hours before the significant transfer, the exchange processed some test transactions worth about $27 from the cold wallet.

Following the $2.7 million transfer, the new wallet was active. It first moved 44,526 bitcoins worth $2.55 billion to an unknown wallet address and then transferred 2,701 BTC worth $154.8 million to an internal wallet, sending out the 47.2k bitcoins it received.

A few hours later, Mt. Gox’s address moved 1,545 bitcoins worth $84.87 million to a cold wallet belonging to Bitbank exchange. Bitbank is working alongside the collapsed exchange, Mt.Gox, to repay lost customer funds from the infamous 2014 hack. 

The big transaction comes amidst Mt. Gox’s plan to begin repaying creditors from this month. The exchange plans to pay approximately 142,000 Bitcoin (BTC) and 143,000 Bitcoin Cash (BCH).

Through a June 24 statement, Mt. Gox trustee Nobuaki Kobayashi informed creditors that the company had made the necessary arrangements to begin issuing payments in July. 

He said, “Now that these preparations are in place, the Rehabilitation Trustee will commence the repayments in Bitcoin and Bitcoin Cash in due course to the cryptocurrency exchanges.” He added, “The repayments will be made from the beginning of July 2024.”     

Bitcoin Price Reaction to Mt.Gox Transaction

The crypto market has been on the downside amidst expectations for the Mt.Gox move. Following the big transaction on Friday, bitcoin dumped to as low as $53,500 per BTC

Bitcoin Analysts have predicted an even further price fall to $50,000 in no distant time after considering many factors, including strong selling pressure from the German government, more sales from Mt.Gox, and a load of tokens worth about $755 million to be unlocked this month.