Mt. Gox Transfers $855 Million in Bitcoin to Unidentified Wallet, Still Holds $2.7B BTC

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated: 

August 20, 2024

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Crypto exchange Mt. Gox moved Bitcoin worth more than $855m to unidentified wallet addresses on Wednesday, according to data from Arkham.

The data showed two large transactions. One for $74m was directed to a wallet identified as Mt. Gox cold storage. Another for $784.2m was sent to an unknown wallet address. These funds have not been moved further to any other addresses since their initial transfer.

Mt. Gox has been in the process of returning funds to creditors following a legal rehabilitation plan since its collapse in Feb. 2014.

Bitgo Begins Final Preparations for Mt. Gox Payouts

Following two weeks of no activity, a Bitgo-managed Mt. Gox wallet containing 33,105 Bitcoin executed a test transaction at 10:57 UTC last week.

Bitgo plays a key role in returning funds to Mt. Gox creditors, being the final platform out of five to assist the trustee. Recent movements from the wallet indicate Bitgo is in the last stages of preparing to distribute the remaining assets.

Mt. Gox Distributions Total $5.77B, Market Remains Stable

As the Mt. Gox asset distribution nears completion, these transfers are significant for creditors and the market. To date, $5.77b in Bitcoin has been distributed to exchanges. Creditors who once had $1,000 in Bitcoin during Mt. Gox’s collapse would now have more than $110,000 from the distributions.

Further, despite expectations of a sell-off from the Mt. Gox distribution, the market has stayed steady. No major price drop has occurred, with Bitcoin trading up 0.6% at about $59,403 on Wednesday.