Mt. Gox Shifts $2.85 Billion in Bitcoin

The bankrupt cryptocurrency exchange Mt. Gox has executed another series of transactions, moving a total of 42,587 BTC (~$2.85 billion).

Mt. Gox transferred 42,587 $BTC($2.85B) out 1 hour ago, of which 5,110 $BTC($341.75M) was transferred to an internal wallet and 37,477 $BTC($2.51B) was transferred to a new wallet.https://t.co/nJpumiJdAl pic.twitter.com/pVglDc5lIx

— Lookonchain (@lookonchain) July 23, 2024

Of these, 5,110 BTC (~$342 million) were sent to an internal address, while another 37,377 BTC (~$2.51 billion) were moved to a new wallet.

Subsequently, the exchange transferred 1,980 BTC (~$131.7 million) from the first address to Bitstamp, according to Arkham. The day before, Mt. Gox sent a small amount to the same wallet, likely as a test transaction.

On July 16, the bankrupt company moved 47,229 BTC ($2.99 billion) and 48,641 BTC ($3.1 billion) to unidentified addresses. These transactions caused a slight market correction.

One of the major recipients of the assets was the American exchange Kraken. The movement of funds may be related to the platform’s plan to settle creditor claims.

Mt. Gox will distribute a total of 138,985 BTC valued at ~$8.74 billion. Analysts have suggested that the sale of these assets could exert pressure on the market, though some believe such concerns are exaggerated.

The recent movement of funds negatively impacted the leading cryptocurrency. The asset fell from $68,200 to $66,500 — a 2.5% drop.

Pressure on the price may also have been exerted by the transfer of bitcoins from a wallet associated with the US government. On July 22, the address sent 58.74 BTC (~$3.96 million) to the exchange Coinbase Prime.

These assets were previously seized from Ryan Farace, who was convicted in 2018 for drug trafficking via the darknet marketplace Silk Road.

Analysts from Glassnode have stated that the crypto market has “absorbed” the 48,000 BTC linked to the German authorities and is anticipating a new wave of sales from Mt. Gox clients.