Mt. Gox Moves $784M in Bitcoin, Shifting 12K BTC to New Address

Mt. Gox transfers $784M worth of Bitcoin, with 12,000 BTC directed to a new address, as it continues repaying creditors amidst market unease.

In a significant development, the infamous Mt. Gox exchange has just transferred 13,265 Bitcoins, equivalent to $784 million. Out of this hefty amount, 12,000 BTC were moved to a new, undisclosed address, while the remaining 1,265 BTC were secured in a cold wallet associated with Mt. Gox. Notably, these coins have yet to be moved further, suggesting that they are currently in a holding pattern.

Mt. Gox’s address still holds a substantial 46,164 BTC, valued at approximately $2.73 billion. This recent movement of funds is part of a broader effort by the exchange to repay its creditors following a legal rehabilitation plan that began in July.

July 2024 saw Mt. Gox making headlines with several massive Bitcoin transfers. On July 5, the exchange shifted 47,228 BTC—about $2.7 billion—from its offline wallets, signaling the start of its repayment process. A few weeks later, on July 16, another 48,641 BTC, valued at $3.07 billion, were transferred to an address believed to be linked to Kraken.

The month continued with more significant movements; on July 22, Mt. Gox shuffled an additional $2.85 billion worth of Bitcoin into new wallets. Out of this, $340 million was directed to addresses owned by Bitstamp, while a whopping 37,477 BTC, worth around $2.5 billion, were sent to an unknown wallet.

As July ended, Mt. Gox had distributed roughly 40% of the Bitcoin owed to its creditors, leaving 60% still to be claimed. On August 1, the exchange moved another 33,960 BTC, valued at $2.25 billion, to a wallet linked to Bitgo.

Despite these massive transfers, the market has yet to show a significant reaction. At the time of reporting, Bitcoin was trading at $58,884, reflecting a slight decrease of over 1% in the past 24 hours.

Our creator. creates amazing NFT collections! 
Support the editors - Bitcoin_Man (ETH) / Bitcoin_Man (TON)

Pi Network (Guide)is a new digital currency developed by Stanford PhDs with over 55 million participants worldwide. To get your Pi, follow this link https://minepi.com/Tsybko and use my username (Tsybko) as the invite code.

Binance: Use this link to sign up and get $100 free and 10% off your first months Binance Futures fees (Terms and Conditions).

Bitget: Use this link Use the Rewards Center and win up to 5027 USDT!(Review)

Bybit: Use this link (all possible discounts on commissions and bonuses up to $30,030 included) If you register through the application, then at the time of registration simply enter in the reference: WB8XZ4 - (manual)