Mt. Gox Transfers $840 Million Worth of Bitcoin From Cold Wallet
CryptoNewsTerminal Staff28 May, 2024
Mt. Gox Transfers $840 Million Worth of Bitcoin From Cold Wallet
Mt. Gox, the defunct crypto exchange, has moved 12,240 BTC (worth $840 million) from its cold wallet to a new address. The transfer was made early Wednesday and is the first time that Mt. Gox has moved any of its BTC in over a year. The newly created address was created on May 20 and received its first-ever BTC today. Following the transfer, Mt. Gox's cold wallet currently holds 137,892 BTC. The six cold wallet addresses used in today's BTC transfer are reportedly controlled by Mt. Gox's trustee. Mt. Gox is expected to start repaying creditors by October 31 this year, with plans to distribute 142,000 BTC and 143,000 BCH. Meanwhile, a post on the Reddit community on June 14 highlighted that Mt. Gox's Kraken BTC and BCH payout API interface now shows a "payment in preparation" message. Some analysts have suggested that this could potentially put downward pressure on the market.
