Mt. Gox Moves $2.25B and $3.13B in Bitcoin Amid Ongoing Redistribution to Creditors

Jul 31, 2024, 12:57 AM

The bankrupt cryptocurrency exchange Mt. Gox has recently moved significant amounts of Bitcoin, totaling billions of dollars, between various addresses. On July 30, at 7:31 UTC+8, Mt. Gox transferred 0.02 BTC and 0.0001 BTC in what appears to be a test transaction. Following this, larger transfers were observed, including 33,964 BTC ($2.25 billion) to a new wallet and an internal transfer of 47,229 BTC ($3.13 billion). Analysts believe these movements are part of the ongoing redistribution to creditors, with 59,000 BTC already distributed and an additional 79,600 BTC to follow. Despite the large transfers, most creditors appear to be holding onto their assets, which has led to minimal impact on Bitcoin prices. The identity of the new wallet addresses remains unknown, but some are speculated to be associated with BitGo, a custodian working with the Mt. Gox Trustee. Currently, there are 80,128 BTC left in the Mt. Gox address. According to Glassnode, the distribution has been facilitated through Kraken and Bitstamp.