$7B worth of Bitcoin transferred from Mt. Gox wallets to unidentified wallet, resulting in a 2% decrease in Bitcoin value.

Bitcoin (BTC) experienced a 2% decline on May 28th following the movement of 107,547 BTC, worth nearly $7.3 billion, from wallets associated with the defunct crypto exchange Mt. Gox. These funds were transferred to an unknown wallet, with more transactions expected in the future. This movement aligns with Mt. Gox’s plan to return BTC holdings to its creditors before October. Whale Alert, a blockchain tracking account, reported six on-chain transactions ranging from 3,999 BTC to 32,499 BTC. Arkham Intelligence, a blockchain explorer, confirmed that the transactions originated from multiple Mt. Gox cold wallets, with each transfer typically involving 2,000 BTC. All transactions were directed to a single unlabeled address, which currently holds 107,547 BTC valued at approximately $7.29 billion. Representatives from Mt. Gox did not immediately respond to inquiries regarding the rationale behind the Bitcoin movement. The market reacted to this news, causing Bitcoin’s price to drop by around 2%, with the current trading price at $67,875 compared to $69,374 at the time of the first transfer. K33 Research analysts previously cautioned that the movement of Mt. Gox-era Bitcoin could unsettle the market and exert downward pressure on the cryptocurrency’s price. Mt. Gox owes over $9.4 billion worth of Bitcoin to its 127,000 creditors, who have been awaiting repayment for over a decade since the exchange’s collapse in 2014. The final repayment deadline for Mt. Gox is scheduled for October 31st, and the trustee began contacting creditors in January to verify their identities and exchange accounts for repayment. This article has been updated to include information on an additional transfer and provide background details.