Crypto News- Billions in Bitcoin Transferred by Mt. Gox in Preparation for Payouts

Crypto News- Mt. Gox Shifts Billions of Dollars Worth of Bitcoin Before Payouts

Crypto News– Early Tuesday morning, around 6:49 a.m. UTC, a Bitcoin wallet linked to Mt. Gox moved a whopping 42,588 BTC, worth about $2.7 billion, to an unknown address labeled 18vjn, according to blockchain analytics platform Arkham.

This major transfer was preceded by what looked like a test transaction at 5:13 a.m. UTC, where a Mt. Gox wallet sent a small amount—0.021 BTC, or roughly $1,320—to an unidentified address. Then, at 6:39 a.m. UTC, Mt. Gox moved another 44,000 BTC, valued at $2.8 billion, but this time, it was an internal transfer.

Later, at 8:12 a.m. UTC, another address linked to Mt. Gox sent over 48,641 BTC, approximately $3.1 billion, to an unlabeled address 3JQie.

Earlier in the month, Mt. Gox had already moved close to 47,229 BTC to a new wallet.

These movements are happening in anticipation of Mt. Gox’s upcoming repayment of about $9 billion worth of Bitcoin to its creditors.

Mt. Gox’s Massive Bitcoin Movements and Their Impact on the Market

Mt. Gox, the now-defunct exchange, filed for bankruptcy back in February 2014 after a series of heists resulted in the theft of over 950,000 BTC.

In the hours surrounding today’s massive transfers, the price of Bitcoin dipped slightly, going from around $65,000 to about $63,000.

Despite all the turmoil, Mt. Gox still holds nearly 139,000 BTC, which is worth over $8.7 billion at current prices, according to Arkham.

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