Bitcoin on a stack of coins with Mt.Gox logo on a laptop screen. Source: 24K-Production - stock.adobe.com

Key Takeaways:

Mt. Gox transferred over 140,000 BTC, valued at around $9 billion, to a single address in thirteen transactions.
The transactions likely aim to repay creditors by October 31, 2024, with movements ranging from $1.2 million to $2.2 billion in Bitcoin.
The market reacted negatively, with Bitcoin’s price dropping by 1.4%, highlighting the impact of the exchange’s closure in 2014.

On May 28, 2024, Mt. Gox, the defunct Bitcoin exchange, transferred over 140,000 BTC, valued at approximately $9 billion, to a single address.

This series of thirteen transactions likely aims to repay creditors by October 31, 2024.

JUST IN: Over $9 billion worth of #Bitcoin has moved from Mt. Gox wallets, as per on-chain data 👀 pic.twitter.com/Nk3H7zCqFH
— Bitcoin Magazine (@BitcoinMagazine) May 28, 2024

The process began with a test transaction of $3 on May 20, followed by another small transaction of $160 on May 28.

Subsequent transactions ranged from $1.2 million to $2.2 billion in Bitcoin.

Mt. Gox moves at least $2.9 billion in bitcoin for first time in five years https://t.co/GLKSkC0VmW
— The Block (@TheBlock__) May 28, 2024

This marks the first major movement from Mt. Gox’s cold wallets in over five years.

The market responded negatively, with Bitcoin’s price dropping by 1.4%, falling to $67,680 from a high of over $70,000 the previous day.

Outflows from Mt. Gox addresses continue:

Now a total of 42,829 Bitcoin have moved out from Mt. Gox addresses in the last few hours.

All coins have been transferred to a new address: 1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6 pic.twitter.com/s19TtkMP3i
— Julio Moreno (@jjcmoreno) May 28, 2024

The transferred Bitcoin is now consolidated in a new address, “1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6,” as reported by CryptoQuant’s head of research, Julio Moreno.