The defunct Bitcoin exchange Mt. Gox transferred more than 80,000 BTCs worth over $5 billion to an unmarked address: 1JbezD…KLAPs6. The assets were transferred to the address in multiple transactions, each time with a different amount. Wu Blockchain, a well-known Chinese reporter, commented on the whale movement,
Mt. Gox Multiple Transactions
According to Whale Alerts, Mt. Gox transferred the coins to an unknown address through multiple different transactions
- 3,999 BTC at 1:41 UTC
- 8,239 BTC at 1:57 UTC
- 14,057 BTC at 2:35 UTC
- 16,589 BTC at 2:54 UTC
- 32,137 BTC at 4:11 UTC
- 32,499 BTC at 4:46 UTC, and
- 34,138 BTC at 6:07 UTC.
Repayment to Creditors
In September 2023, a trustee of Mt. Gox announced that the repayment deadline was pushed to October 31, 2024. The exchange has over 140,000 BTC worth more than $9 billion and is set to distribute its holdings to creditors. This Bitcoin transfer marks Mt. Gox’s first move in five years and is a significant step in resolving the long-standing bankruptcy proceedings.
History of Mt. Gox
Mt.Gox is a Bitcoin exchange launched in 2010 and based in Shibuya, Tokyo, Japan. By 2014, the exchange handled over 70% of all BTC transactions worldwide. However, it later ceased operations due to the loss or theft of hundreds of millions of dollars worth of Bitcoins. Then, it went offline and filed for bankruptcy protection after losing more than 800,000 Bitcoins.
BTC Price Fall
Since the news of Mt. Gox’s transfer of Bitcoin holdings to an unknown address to repay the debt owed to the creditors, the price of Bitcoin has started falling. With a 1.4% fall since the start of the Asian trading hours.
