Mt. Gox Moves 107,547 BTC Worth $7.3B, Causing 2% Dip in Bitcoin

May 28, 2024, 04:48 AM

Mt. Gox, the defunct cryptocurrency exchange, has transferred a significant amount of Bitcoin to unknown wallets. On May 28, over 140,000 BTC, valued at approximately $9 billion, were moved. This marks the first movement of these funds in five years. The transfers are likely part of a plan to repay creditors, with Mt. Gox expected to distribute its holdings of 142,000 BTC and 143,000 BCH before October 31, 2024. The movement of such a large volume of Bitcoin has caused market reactions, including a 2% dip in Bitcoin's price. Notably, 107,547 BTC worth $7.3 billion were transferred to address 1Jbez, which appears to be an exchange custody wallet.