🌎 Mt. Gox Moves $3 Billion in Bitcoin to External Address

According to blockchain analysts, the Bitcoin exchange Mt. Gox has moved a significant amount of cryptocurrency to an external address for the first time in years. Mt. Gox, once handling over 70% of global Bitcoin transactions, transferred approximately $3 billion in Bitcoin (BTC) to an unknown address.

The wallets tagged as #MtGox are actively transferring $BTC out. So far, #MtGox has transferred 12,240 $BTC ($843.6M) to a new wallet and still holds 125,651 $BTC ($8.66B).

According to data from blockchain analytics, the exchange moved over $2.9 billion worth of BTC to the address 1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6. The funds have since remained unmoved from this address.

Following the transfer, the exchange’s associated wallets now hold approximately 137,892 BTC, with a current valuation of around $9.3 billion. Amid this news, Bitcoin’s price slid below the $68,000 mark and is currently trading at $67,790.

Founded in 2010 in Japan, Mt. Gox quickly grew to become the world’s largest Bitcoin exchange. However, in early 2014, the Tokyo-based platform abruptly halted trading, shut down its website, and filed for bankruptcy protection, revealing a loss of approximately 850,000 BTC, worth about $450 million at the time. Investigations revealed that the majority of these Bitcoins had been stolen over several years from the exchange’s hot wallets.

The exchange’s bankruptcy proceedings have been long and complicated. However, resolution is understood to be near, with Mt. Gox potentially beginning payouts to creditors as early as the second half of 2024. Estimates suggest that repayments might reach up to $2 billion.