Bitcoin

Arkham

Mt. Gox again began shifting funds on July 23, moving over 47,500 Bitcoin worth almost $3.2 billion to two unknown addresses at 5:05 am and 6:27 am UTC.
<a href="https://platform.arkhamintelligence.com/explorer/entity/mt-gox" target="_blank" rel="noopener nofollow">According</a> to Arkham Intelligence data, Mt. Gox holds 90,344 Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) worth $6.02 billion, but this is outdated, and its current holdings now stand at around 42,744 BTC worth $2.85 billion.
Following the defunct exchange’s <a href="https://cointelegraph.com/news/mt-gox-repayments-bitcoin-bitcoin-cash">repayments statement on July 5</a>, it established plans to “promptly” carry out repayments to creditors that seem well underway.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/33ebc147-6830-452f-b2f8-db7dc834e3c1.png" alt="Mt. Gox sees $3.2B BTC in outflows in just two hours" title="">
 <figcaption style="text-align: center;">
 Arkham Intelligence data depicting around 47,600 BTC leaving the Mt. Gox address. Source: Arkham Intelligence
 </figcaption>
</figure>
Related:&nbsp;<a href="https://cointelegraph.com/news/mt-gox-moves-3b-btc-unknown-wallet">Mt. Gox shifts $9B in BTC, market braces for impact</a>
<h2 data-ct-non-breakable="true" id="mt-gox-outflow-destinations">Mt. Gox outflow destinations</h2>
The Mt. Gox wallet labeled “Mt. Gox: Cold Wallet (<a href="https://platform.arkhamintelligence.com/explorer/address/1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6" target="_blank" rel="noopener nofollow">1Jbez</a>)” sent 5,110 BTC worth around $340 million to an unknown wallet and the cryptocurrency exchange Bitstamp.
Of the 5,110 BTC, 2,871 BTC, worth around $191 million, was sent to an unknown address starting with <a href="https://platform.arkhamintelligence.com/explorer/address/1JKMSShPMSQ2LPHf6fFsgweMVXXeMaSBVD" target="_blank" rel="noopener nofollow">1JKMS</a>, while the remaining funds, worth $149 million, landed on Bitstamp. 
The preceding 42,587 BTC, worth $2.85 billion, was sent out earlier to another unknown address starting with <a href="https://platform.arkhamintelligence.com/explorer/address/15yPUCW9XRmPpNtQkzYogtfgi99pk8rvwe" target="_blank" rel="noopener nofollow">15yPU</a>. 
Related: <a href="https://cointelegraph.com/news/mt-gox-bitcoin-repayments-bitstamp-test-transactions">Mt. Gox prepares for repayments on Bitstamp, executes test transactions</a>
<h2 data-ct-non-breakable="true" id="preparations-for-bitstamp-repayments">Preparations for Bitstamp repayments</h2>
On July 22, <a href="https://cointelegraph.com/news/mt-gox-bitcoin-repayments-bitstamp-test-transactions">Mt. Gox began preparing to repay creditors through Bitstamp</a>, according to onchain fund holding movements.
According to Arkham Intelligence, Mt. Gox addresses “deposited $1” to four separate Bitstamp deposit addresses. “Bitstamp is 1 of 5 exchanges working with the Mt. Gox Trustee.”
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/72a7f9f2-b4e6-42bb-a05c-175c1c2df406.png" alt="Mt. Gox sees $3.2B BTC in outflows in just two hours" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/ArkhamIntel/status/1815329609644159136" target="_blank" rel="noopener nofollow">Arkham</a>
 </figcaption>
</figure>
Despite finance analyst Jacob King speculating in an X post on July 4 that 99% of creditors would sell their coins “the moment” they get them, a <a href="https://cointelegraph.com/news/mt-gox-creditors-hodl-btc-payouts-reddit">Reddit poll says otherwise</a>.
Related: <a href="https://cointelegraph.com/news/mt-gox-creditors-hodl-btc-payouts-reddit">Mt. Gox creditors opt to hodl Bitcoin payouts — Reddit poll</a>
<h2 data-ct-non-breakable="true" id="over-12-billion-offloaded">Over $12 billion offloaded </h2>
With the latest $3.2 billion in BTC shifted out of the Mt. Gox address, the tally amounts to over $12 billion offloaded to creditors since July 16.
On July 16, the defunct exchange saw outflows of over 140,000 BTC in a significant move after two weeks of onchain inactivity.
With a volume of almost 190,000 BTC moved in just three hours, Mt. Gox fund outflows contributed to over $12 billion in volume movements as repayments proceeded as promised.
Magazine: <a href="https://cointelegraph.com/magazine/pudgy-penguins-pixelverse-ether-etfs-price-impact-hodlers-digest-july-14-20/">Pudgy Penguins lands in Pixelverse, Ether ETFs, and more: Hodler’s Digest, July 14-20</a>

Mt. Gox sees $3.2B BTC in outflows in just two hours

Table of Contents

Cointelegraph

Other articles published on Jul 23, 2024

XRP Price Might Surge Nearly 50% Amid Ripple vs SEC Settlement Rumors

Spot Ether ETF Hits $1.1B Volume, BTC Dominance Under Threat?

Spot Bitcoin ETFs See Record Inflows Led by BlackRock’s IBIT

Kaspa’s Price Analysis: This KAS Trend Suggests Bullish Momentum

Binance Labs Invests in This Telegram-Based Gaming Bot

Top 3 Altcoins Poised For 10x Rally With Ethereum ETF Launch Today

Join our free newsletter for daily crypto updates!