Mt Gox Transfers Bitcoin Valued at 27 Billion to Fresh Wallet Destination

In its first significant transaction since May, the defunct Japanese cryptocurrency exchange Mt. Gox has moved 47,229 Bitcoin (BTC) — valued at $2.71 billion at current prices — to a new wallet address. According to blockchain analytics platform Arkham Intelligence, the exchange made the transfer at 12:30 am UTC on July 5 from its “cold storage.”


Mt. Gox has conducted several smaller test transactions in recent months. Source: Arkham Intelligence
This move comes as part of the exchange’s planned initiative to start repaying creditors this month, with a total of $8.5 billion worth of Bitcoin earmarked for repayment.
Several market analysts have expressed concerns about the potential impact of a large volume of Bitcoin entering the market as a result of Mt. Gox creditors selling their holdings, which have been inaccessible for over a decade. However, other experts have sought to reassure that the total amount of Bitcoin that could be sold off is likely closer to a value of around $4.5 billion.
On May 28, Mt. Gox transferred nearly $7.3 billion worth of Bitcoin to another unknown wallet address, causing the price of Bitcoin to drop by as much as 2%.


Bitcoin has seen a 6.9% decrease in the past week. Source: TradingView
The price of Bitcoin experienced a sharp decline on July 4, continuing to fall in the subsequent hours, and is currently being traded at $57,328, according to TradingView data.
While Bitcoin’s price has dropped by 6.9% over the week, it has still achieved year-to-date gains of 35.6%.
This story is still developing, and additional information will be provided as it becomes available.