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

• Over 140,000 BTC, worth approximately $9 billion, were 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 a low of $67,680, after hitting a high above $70,000 on Monday.

Wallets belonging to the defunct Bitcoin exchange Mt. Gox have transferred more than 140,000 bitcoin (BTC), worth approximately $9 billion, to an unknown address since the early hours of Tuesday morning in Asia.

Mt. Gox, once the world’s largest bitcoin exchange, closed in 2014 after it was revealed it had lost hundreds of thousands of bitcoins in a cyberattack. Since then, creditors have been waiting for the repayment of their holdings – one that is widely regarded to add selling pressure to the BTC markets.

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

Portfolio assets shows that the movements were made over the course of thirteen transactions. A likely test transaction worth $3 was made on May 20, while another smaller $160 transaction was made on Tuesday morning. The remaining transactions ranged from $1.2 million to $2.2 billion in bitcoin.

All Mt.Gox bitcoins have now effectively been moved into a single bitcoin wallet, Bitinfocharts data Shows.

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

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

Alex Thorn, head of research at Galaxy, said in a post on X that he expected most of the transferred bitcoin to be held by creditors, rather than being sold on the open market.

However, market participants appear to have turned bearish on the moves, with bitcoin down 1.4% since the start of Asian trading hours. It fell to a low of $67,680 after a Monday high of more than $70,000.

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