Bitcoin (BTC) experienced a 2% decline on May 28th as wallets associated with the bankrupt crypto exchange Mt. Gox transferred 107,547 BTC, valued at approximately $7.3 billion, to an unknown wallet. Additional transactions continue to take place at a rapid pace. This move aligns with Mt. Gox’s plan to return BTC holdings to its creditors by October.
Whale Alert, a blockchain tracking account, reported these transactions, highlighting six on-chain transfers ranging from 3,999 BTC to 32,499 BTC within a few hours.
According to Arkham Intelligence, a blockchain explorer, the transaction hashes between 1:41 am and 4:46 am UTC reveal transfers from various Mt. Gox cold wallets, with most transfers consisting of 2,000 BTC.
All these transactions lead to a single unmarked address that currently holds 107,547 BTC, valued at approximately $7.29 billion.
Nagashima Ohno and Tsunematsu, the Mt. Gox trustee firm, have not yet provided any information regarding the reasons and destinations for these Bitcoin transfers.
Following the movement of Mt. Gox BTC, Bitcoin experienced a 2% drop in its price, currently trading at $67,875 compared to $69,374 at the time of the initial transfer, as reported by CoinMarketCap.
Additionally, Bitcoin has experienced a 1.4% decline on the day.
Last month, analysts from K33 Research issued a warning that the movement of Mt. Gox-era Bitcoin would have a negative impact on the market and put pressure on the cryptocurrency’s price.
Mt. Gox owes over $9.4 billion in Bitcoin to its 127,000 creditors, who have been waiting for over a decade to recover their funds following the exchange’s collapse in 2014 due to multiple undetected hacks.
The final repayment deadline for Mt. Gox is set for October 31st. The trustee initiated the process of contacting creditors in January to verify their identities and exchange accounts for repayment.
Update (May 28, 4:45 am UTC): This article has been revised to include details about an additional transfer and background information.
Update (May 28, 5:55 am UTC): This article has been updated to provide information about another transfer that occurred at 4:46 am UTC.