Mt. Gox now in its ending stages of the redistribution of Bitcoin assets to its creditors moved over $700 million worth of Bitcoin to an unknown wallet on Tuesday night.
Blockchain Data Analytics firm Arkham Intelligence picked up the transaction announcing that Mt. Gox moved over 13,265 BTC worth $784.20 million to wallet addresses 1PuQB…nWhTb” on Tuesday night.
The transaction was followed up by another transaction which saw 1264.69 BTC ($74.77 million) to a cold wallet belonging to Mt. Gox. These funds have not been transferred to other addresses at the time of report.
Last week, A wallet believed to be associated with Bitgo crypto exchange moved a huge chunk of the over $2 billion BTC it received from Mt. Gox to a separate wallet.
Mt. Gox picked up the transaction and shared details of it on its X platform
“JUST IN: MOVEMENTS FROM $1.95B MT GOX BTC WALLET
A Wallet that received $2.19B Bitcoin from Mt. Gox has just initiated test transactions.
This wallet bc1q26 is likely Bitgo, the 5th and final exchange working with Mt. Gox Trustee to distribute funds to Mt. Gox creditors. Are they about to distribute to creditors? Mt. Gox said
Mt. Gox for the past few months have been redistributing over $9 billion worth of BTC assets to creditors. The defunct crypto exchange has employed the services of crypto exchanges like Kraken, Bitstamp, and Bitgo for the redistribution process which is now at its ending stage.
Mt. Gox creditors who use Kraken and Bitstamp have finished receiving their BTC assets. Bitgo creditors are among the last to receive their Bitcoin assets from Mt. Gox
Mt. Gox at the moment is left with 34,164 BTC assets worth over $2 billion from its initial $9 billion BTC assets.
What Happened to Mt. Gox
Mt. Gox as at 2010 to 2014 was the largest Bitcoin Exchange in the Industry. The exchange which was launched in 2010 suffered a major breech in 2014 which saw a whopping 850,000 BTC moved from the exchange.
The now defunct exchange in 2024 started the redistribution campaign of BTC assets to creditors 10 years after the serious breech.
The event was viewed as a net negative for Bitcoin price because it was expected that the Mt. Gox creditors who are sitting on a 10-year profit would likely sell off their Assets upon receiving them. This will then create a selling pressure in the markets driving down the price of bitcoin.
The redistribution process is almost over and the bitcoin prices were not really affected by the Mt. Gox redistribution as expected. Analysts believe this is due to the activities of the Bitcoin Exchange Traded Funds which has attracted institutional investors to the industry.
What to Know
Mt. Gox before it went defunct was based in Shibuya, Tokyo Japan. The platform was launched in 2006 as a tradeable card game service but transitioned into a Bitcoin Exchange in 2010.
