Key Points
- Bankrupt exchange Mt. Gox has moved 96,396 Bitcoin (BTC) worth over $6 billion to three unmarked wallets.
- This move has raised concerns about potential selloffs during the ongoing creditor repayments.
The defunct exchange, Mt. Gox, has recently transferred 96,396 Bitcoin (BTC) worth over $6 billion to three unidentified wallets.
These transactions took place within a two-hour window, according to data from market analytics resource Arkham Intelligence.
Transaction Details
The string of transactions started with a 0.021 BTC transfer to an unknown address after three weeks of no activity, likely a test run for the upcoming movements.
Following this, the Mt. Gox address moved 44,000 BTC and 526 BTC, collectively valued at $2.84 billion, to two different addresses.
The 44,000 BTC was moved to a Mt. Gox cold wallet, while the 526 BTC was transferred to an unidentified address.
Shortly after, another 47,229 Bitcoin, worth nearly $3 billion, was sent to a different unknown address.
This was followed by a transfer of 48,641 BTC to a third unidentified address, bringing the total tokens moved to 96,396 BTC across three unknown wallets.
Market Impact and Repayment Plans
Despite the concerns about potential selloffs, these assets remain in the recipient wallets at the time of reporting.
This movement comes after the German government sold off its Bitcoin stash, contributing to a market downturn.
Bitcoin fell to a five-month low of $53,485 on July 5, but has since recovered, with the asset now up nearly 18% from the July 5 low.
However, the market remains cautious about potential selloffs from Mt. Gox creditors.
Last month, Mt. Gox announced plans to begin repayments in July and some creditors confirmed on July 5 that they had begun receiving their Bitcoin and Bitcoin Cash (BCH) tokens.
These recent movements are likely another step toward disbursing funds to creditors.
Mt Gox still holds 138.9 BTC worth $8.7 billion.
