Mt. Gox Cold Wallet Transfers $2.99B in BTC to Anonymous Recipient

IconCryptoNewsTerminal Staff16 Jul, 2024

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Mt. Gox Cold Wallet Transfers $2.99B in BTC to Anonymous Recipient

Mt. Gox, the defunct Japanese cryptocurrency exchange, has once again made a significant transfer of bitcoin. According to blockchain analytics firm ARKAM Intelligence, an address labeled as a Mt. Gox cold wallet (starting with 16eAG) has transferred 47,229 BTC (worth approximately $2.99 billion) to an anonymous address (starting with 18vjnB). This latest transfer follows a series of similar transactions in recent months, as Mt. Gox continues to liquidate its remaining BTC holdings. In November 2022, the exchange moved 14,200 BTC, and in December 2022, it transferred another 18,000 BTC. The purpose of these transfers is unclear. However, some experts believe that Mt. Gox is preparing to distribute the proceeds to its creditors. The exchange filed for bankruptcy in 2014 after losing 850,000 BTC in a hack. In 2018, a civil rehabilitation plan was approved, which allowed Mt. Gox to resume operations and begin the process of compensating creditors. The transfer of such a large amount of BTC is likely to have an impact on the cryptocurrency market. However, it is difficult to predict exactly how the market will react.

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