Mt. Gox Moves Over $2.8 Billion in Bitcoin – BTC Price is Dropping

Mt. Gox, a Japanese crypto exchange that collapsed in 2014, continues to transfer significant amounts into Bitcoin (BTC) as part of a plan to repay its obligations to creditors.

Mt. Gox reportedly transferred 42,587 BTC worth about $2.85 billion into an internal wallet on Tuesday, July 23. Another 5,110 BTC was also transferred from another internal wallet, bringing the exchange’s current holdings to 90,344 BTC worth about $6 billion.

Mt. Gox just moved 42,587 $BTC ($2.84B) 20 minutes ago, including:
➡️37,477 $BTC ($2.5B) to a new wallet “15yPUC”, probably to repay creditors;
➡️ 5,110 $BTC ($341M) to another internal cold wallet of Mt. Gox.

Currently, Mt. Gox still holds 101,507 $BTC ($6.78B).

Follow… https://t.co/LQ053wigB3 pic.twitter.com/bmP4EpPNw4

— Spot On Chain (@spotonchain) July 23, 2024

Earlier, on July 16, Mt. Gox announced that it had begun paying out Bitcoin and Bitcoin Cash to 13,000 of its roughly 20,000 creditors, accompanying a significant $6 billion transfer of Bitcoin.

After the latest transfers, the bankrupt crypto exchange’s current holdings stand at 90.344 BTC worth about $6.02 billion, according to Arkham.

Bitcoin’s significant moves have fueled speculation about their impact on the crypto market as happened a few weeks ago.

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Top Trader Predicts Bitcoin Surge to $100,000

At the time of writing, the price of BTC has fallen and lost 1.52% of its value in the last 24 hours, trading at $66,645. However, the decline in the price of Bitcoin may be temporary as it has remained steady at $65,000 following another significant move by Mt. Gox on July 16.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.