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In a major development, Mt. Gox has transferred over 47,500 BTC to unknown addresses, significantly reducing its Bitcoin reserves. On July 23, Mt. Gox moved this substantial amount of Bitcoin, valued at nearly $3.2 billion, to two unknown addresses at 5:05 am and 6:27 am UTC.
According to data from Arkham Intelligence, Mt. Gox previously held 90,344 BTC worth $6.02 billion. However, its current holdings have now decreased to approximately 42,744 BTC, valued at around $2.85 billion.
Following a statement on July 5, the defunct exchange outlined plans to “promptly” repay creditors. These repayments appear to be progressing as intended.
The wallet labeled “Mt. Gox: Cold Wallet (1Jbez)” transferred 5,110 BTC worth approximately $340 million to an unknown wallet and the cryptocurrency exchange Bitstamp. Of this, 2,871 BTC (worth about $191 million) was sent to an unknown address starting with 1JKMS, while the remaining 2,239 BTC (worth $149 million) went to Bitstamp.
Additionally, 42,587 BTC worth $2.85 billion was sent to another unknown address starting with 15yPU earlier in the day.
On July 22, Mt. Gox began preparing to repay creditors through Bitstamp. Arkham Intelligence reports that Mt. Gox addresses deposited nominal amounts to four separate Bitstamp deposit addresses, indicating that Bitstamp is one of five exchanges working with the Mt. Gox Trustee.
Despite speculation from finance analyst Jacob King that 99% of creditors would sell their coins immediately upon receipt, a Reddit poll suggests otherwise.
With the latest transfer of $3.2 billion in BTC, Mt. Gox has offloaded over $12 billion since July 16. The exchange saw outflows of over 140,000 BTC on July 16, marking a significant movement after two weeks of inactivity.
In total, Mt. Gox has moved nearly 190,000 BTC within three hours, contributing to over $12 billion in volume as repayments to creditors proceed as promised.