Mt Gox moves nearly 47,229 BTC ahead of $9 billion payout

Companies
• July 4, 2024, 8:58PM EDT

Published 1 minute earlier on

UPDATED: July 4, 2024, 8:59PM EDT

Collapsed cryptocurrency exchange Mt Gox moved over 47,000 BTC
-3.28%
to another wallet late evening on Thursday, according to Arkham Intelligence. This comes ahead of its impending $9 billion worth of bitcoin repayment to creditors.

One of Mt Gox’s three wallets that held significant portions of funds sent around 47,228.7 BTC (about $2.71 billion) to a wallet address that ends with “6onk.” Early on Thursday morning, a number of Mt Gox wallets were involved in two small transactions across a few hours, the largest being $24 worth of bitcoin.

In late June, the defunct bitcoin exchange announced that it would begin distributing over $9 billion worth of funds in bitcoin, bitcoin cash and fiat currency to its creditors in early July.

“This significant payout, amounting to US$9 billion, is expected to add substantial selling pressure as the market absorbs the additional supply,” BTC Markets’ Crypto Analyst Rachael Lucas told The Block on Thursday.

Bitcoin’s value has fluctuated since Mt Gox announced that it would start repaying creditors from July. The cryptocurrency is trading around $56,994, down 5.54% in the past 24 hours and down 18.7% in the last 30 days, according to The Block’s bitcoin price page.

Founded in 2010. Mt Gox became the largest bitcoin exchange globally until the platform suffered a security breach in 2014, resulting in the loss of at least 850,000 bitcoin.

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About Author

Danny Park is an East Asia reporter at The Block writing on topics including Web3 developments and crypto regulations in the region. He was formerly a reporter at Forkast.News, where he actively covered the downfall of Terra-Luna and FTX. Based in Seoul, Danny has previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor of Journalism and Business Marketing from the University of Hong Kong.