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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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