Mt. Gox Moves All Bitcoin to External Address in Preparation for Repayment
CryptoNewsTerminal Staff28 May, 2024
Mt. Gox Moves All Bitcoin to External Address in Preparation for Repayment
Mt. Gox, the once-largest cryptocurrency exchange, has moved all of the Bitcoin (BTC) held in its cold wallet to a new external address. This is the first time since May 2018 that the exchange has moved such a large amount of Bitcoin out of its cold storage. According to blockchain data, the transfer was made in several transactions, with the last one occurring about 30 minutes ago. The total amount of BTC moved was approximately 141.6K BTC, worth around $9.64 billion at current prices. Mt. Gox has not yet provided an official explanation for the transfer, but former CEO Mark Karpeles stated on Twitter that it was an "internal transfer in preparation for creditor rehabilitation." The exchange also announced today that it has not sold any of the crypto assets under its control. The move comes as Mt. Gox is preparing to repay its creditors after filing for bankruptcy in 2014. The exchange has been working to recover the Bitcoin that was stolen in the 2014 hack, and it is believed that the recent transfer is part of that effort.
