According to data from Arkham Intelligence, the bankrupt cryptocurrency exchange Mt. Gox reportedly moved over $2 billion worth of Bitcoin to a new address.
Mt. Gox Transferred Over 2 Billion Dollars of Bitcoin to Its New Address
The exchange transferred 33,105 BTC worth approximately $2.19 billion today to an address starting with “bc1q26.” It remains unclear who owns the new address.
This momentous process took place at Mt. It followed a series of transfers in which billions of dollars worth of Bitcoin were sent by Gox to various crypto exchanges, including Bitbank, Kraken, Bitstamp and SBI VC Trade.
Last week, Bitstamp announced that Mt. Gox announced that it planned to distribute its assets to its creditors.
Mt. Gox trustee confirmed in a statement dated July 24 that refunds in Bitcoin and Bitcoin cash were made to certain creditors through designated crypto exchanges on July 5, 16, and 24. The trustee also reported that as of July 24, more than 17,000 creditors had received refunds.
Despite these distributions, Arkham data includes Mt. Gox-associated wallets still hold approximately $5.29 billion worth of Bitcoin.
The impact of these distributions on the market remains unclear. While some selling pressure from buyers is expected as the Bitcoin price has appreciated significantly over the years, a recent report from Glassnode shows that many buyers are long-term holders. This could potentially reduce sudden selling pressure in the market.
Founded in 2010, Mt. Gox was once the largest bitcoin exchange in the world. However, it suffered a major security breach in 2014, resulting in the loss of at least 850,000 BTC.
*This is not investment advice.