Mt. Gox Transfers Over $2 Billion in Bitcoin

Defunct crypto exchange Mt. Gox appears to have sent over $2 billion to a new address on Tuesday, according to data from Arkham Intelligence.

At 7:28 p.m. ET, Mt. Gox transferred 33,105 BTC (+3.46%) valued at $2.19 billion to an address starting with bc1q26. It is not immediately clear who owns this address.

This transaction follows previous transfers of billions in bitcoin to designated crypto exchanges, including Bitbank, Kraken, Bitstamp, and SBI VC Trade. For instance, Bitstamp announced last week that it would begin distributing assets to Mt. Gox creditors starting July 25.

The Mt. Gox trustee stated in a July 24 announcement that it has made repayments in both bitcoin and bitcoin cash to select creditors through designated exchanges on July 5, 16, and 24. Over 17,000 creditors have received repayments as of July 24.

According to Arkham data, wallets associated with Mt. Gox still hold approximately $5.29 billion worth of bitcoin.

The immediate ramifications of these distributions remain uncertain. Given the substantial price increase over the past decade, some sell-side pressure from the recipients is anticipated. However, a recent report from Glassnode indicated that usage patterns among the creditors suggest they are primarily holders or long-term investors, which may alleviate potential sell-side pressure in the coming weeks.

As of the time of writing, Bitcoin has edged down 0.54% over the past 24 hours, trading at around $66,223, according to The Block’s bitcoin price page.

Mt. Gox, established in 2010, was the largest bitcoin exchange globally until it suffered a major security breach in 2014, leading to the loss of at least 850,000 BTC.