Mt Gox Moves 32K+ Bitcoin to 3 New Wallets as BTC Holds $68K

Defunct cryptocurrency exchange Mt. Gox makes its largest Bitcoin transfer in months, moving over $2 billion worth of $BTC in two hours.

Leading blockchain analytics platform Spot on Chain called attention to the development shortly after Mt. Gox initiated the transactions. According to Spot on Chain, the Mt. Gox-affiliated wallet moved 32,371 $BTC worth about $2.19 billion to three new wallets.

🚨 Mt. Gox transferred another 32,371 $BTC ($2.19B) to 3 new wallets in the last 2 hours.

Over the last 4 days, Mt. Gox has transferred out a total of 32,871 $BTC ($2.22B). Among these tokens, 296 $BTC ($20.13M) was moved to #B2C2 and #OKX.

Currently, there remain 12,006 $BTC… pic.twitter.com/L3ZQZLpnDR

— Spot On Chain (@spotonchain) November 5, 2024

Data from the blockchain analytics platform shows that the transaction occurred yesterday, November 4, at 23:38 (UTC). Most of the funds, amounting to 30,371 $BTC, moved to an unknown address, ‘1FG2C…Rveoy.’ Additionally, the wallet transferred another 1,915 $BTC to ‘15gNR…a8Aok’ an hour later.

The last transaction saw 84.576 $BTC move from the Mt. Gox wallet to a new address, ‘bc1q3…2pa0k.’

Mt. Gox Recent Movements

Spot on Chain revealed that this Mt. Gox wallet has been involved in a series of transactions lately. Over the past four days, the wallet has moved 32,871 $BTC worth $2.22 billion to different blockchain wallets.

Of the 32,871 $BTC, a small portion of 296 $BTC ($20.13 million) was transferred to wallets affiliated with two leading crypto exchanges, OKX and B2C2.

Following the recent transfers, the Mt. Gox wallet currently has a balance of 12,006 $BTC worth $810 million, according to data from Spot on Chain. However, Arkham Intelligence data shows that this Mt. Gox wallet holds about 44,378 $BTC, currently valued at $3.04 billion.

The recent transfers are part of Mt. Gox’s repayment plan, which is expected to linger until October 31, 2025. Since the defunct exchange commenced its repayment plan in July, it has distributed over $6 billion worth of $BTC to users.

Bearish Impact on Bitcoin Price

While the exchange’s commitment to fully compensate users is commendable, the move has had a bearish impact on $BTC’s price.

After receiving payments, most users usually sell a portion of their assets due to the massive spike in their holdings since the 2014 hack. Hence, Bitcoin’s price has always reacted negatively to every major transfer affiliated with Mt. Gox.

Notably, following Mt. Gox’s movement of 32,371 $BTC, the price of Bitcoin witnessed a flash crash from $68,000 to $66,896. However, the premier asset recovered its losses almost immediately, surging above the $68,000 mark.

Bitcoin was trading at $68,661 in the hours leading up to press time. This reflects a decline of 0.41% in the past 24 hours and 3.47% in the past week.