coinspress.com
Mt. Gox has recently moved 12,000 Bitcoin, valued at $709.4 million, to a new wallet. This is the first major transfer from the exchange since July.
The Bitcoin was sent to an address that had previously been inactive and represents a significant shift in Mt. Gox’s holdings.
In addition to this transfer, Mt. Gox moved another 1,265 BTC, worth $74.8 million, to a wallet identified as a Mt. Gox cold storage address on Arkham Intelligence. These funds have remained static since the transfer, leading to speculation about their potential use.
Despite some conjecture that these transactions might be preparing for creditor repayments, Alex Thorn from Galaxy suggests that the majority of the funds are likely being moved to new cold storage, with only a small fraction possibly earmarked for creditor distribution.
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This recent activity follows a similar large-scale transaction on July 30, when Mt. Gox transferred 47,229 BTC to three different wallets. On that occasion, it was noted that 33,105 BTC was sent to a BitGo address, which is involved in handling Mt. Gox’s creditor repayments.
Further analysis by Lookonchain reveals that the 12,000 BTC transfer was sent to an address associated with Bitstamp. This is part of a broader repayment strategy that has been unfolding since July, involving transfers to various exchanges like BitGo, Bitstamp, Kraken, SBI VC Trade, and bitbank.
Notably, Mt. Gox still retains about 46,164 BTC, valued at $2.7 billion. Bitcoin’s current trading price is $59,370.83, reflecting a 2.56% decrease over the past 24 hours, which may be influenced by these substantial movements.