Mt.Gox transfers $9 billion worth of Bitcoin to a single address in repayment plans

• More than 140,000 BTC, worth approximately $9 billion, was transferred from Mt. Gox wallets to an unknown address in thirteen transactions, possibly as part of a plan to repay creditors by October 31, 2024.

• The market reacted bearishly to these moves, with Bitcoin falling 1.4% to $67,680 after hitting a high of over $70,000 on Monday.

Wallets belonging to the defunct Bitcoin exchange Mt. Gox transferred more than 140,000 bitcoins (BTC), valued at approximately $9 billion, to an unknown address as early as Tuesday morning in Asia.

Mt. Gox, once the world’s largest bitcoin exchange, shut down in 2014 after it was revealed it had lost hundreds of thousands of bitcoins in a hack. Creditors have been waiting for their assets to be repaid – one that is widely regarded to add selling pressure to the BTC markets.

In a press release, rehabilitation administrator Nobuaki Kobayashi said that no sales of bitcoin or bitcoin cash (BCH) had taken place and that the group was “managing bitcoin and bitcoin cash in a secure manner.” .

Portfolio activity shows that the movements were made on thirteen transactions. A probable test transaction worth $3 was made on May 20, and another smaller transaction worth $160 was made early Tuesday. The remaining transactions ranged between $1.2 million and $2.2 billion in bitcoin.

All bitcoins from Mt.Gox have now been effectively transferred to a single Bitcoin wallet, Bitinfo chart data watch.

This is the first movement of assets from Mt. Gox’s cold wallets in over five years and is likely part of a plan to redistribute assets to creditors before October 31, 2024.

All coins have been transferred to a new address “1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6,” Julio Moreno, head of research at CryptoQuant, said in an X article.

Alex Thorn, head of research at Galaxy, said in an article that he expected most of the transferred bitcoins to be held by creditors, instead of being sold on the open market.

Nonetheless, market participants appear to be turning bearish on the moves, with bitcoin losing 1.4% since the start of trading hours in Asia. It fell to $67,680 after peaking above $70,000 on Monday.

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