More than 140,000 BTC, worth approximately $9.6 billion, has been transferred from Mt. Gox wallets to an unknown address, likely as part of a plan to reimburse creditors.
The market reacted negatively to this massive transfer, with the price of Bitcoin dropping by 1.4%, briefly falling below $68,000 after reaching a peak of over $70,000.
This is the first time in over five years that Mt. Gox assets have been mobilized, with all the bitcoins now concentrated in a single address, in preparation for the scheduled restitution before October 31, 2024.
In what appears to be a crucial step in the creditor reimbursement plan, over 140,000 bitcoins, equivalent to approximately $9.6 billion, have been transferred from the Mt. Gox wallets to an unknown address.
This movement took place in thirteen transactions on Tuesday. Mt. Gox, once the world’s largest Bitcoin exchange, closed its doors in 2014 following a massive hack.
Market Reaction and Secure Asset Management
The market reacted bearishly to these transfers, with a 1.6% decline in Bitcoin, briefly falling below $68,000 after reaching over $70,000 on Monday.
Nobuaki Kobayashi, the trustee of Mt. Gox’s rehabilitation, stated in a press release that no sales of bitcoin or bitcoin cash (BCH) had taken place and that the assets were being securely managed.
Transaction Details and Future Outlook
Wallet activities show that the movements were made in thirteen transactions, including a $3 test transaction on May 20, and another smaller transaction of $160 early Tuesday.
The remaining transactions ranged between $1.2 million and $2.2 billion in bitcoins. All of Mt. Gox’s bitcoins have now effectively been transferred to a single address, according to Bitinfocharts data.
This is the first time in over five years that assets have left Mt. Gox’s cold wallets, likely as part of a plan to distribute the assets to creditors before October 31, 2024.
