Mt. Gox transfers 44,000 Bitcoin, Bitcoin’s price drops below $64,000
Key Takeaways
- Mt. Gox wallets sent a huge amount of Bitcoin to an unknown wallet and Bitbank’s wallet on Tuesday.
- The wallet still holds over $8.8 billion in Bitcoin.
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A number of wallets linked to the defunct exchange Mt. Gox transferred around 44,000 Bitcoin (BTC), valued at $2.8 billion, to several wallets earlier today, according to data from Arkham Intelligence. Bitcoin dropped below $64,000 shortly after the wallet move, CoinGecko’s data shows.
The purpose of these transfers is unclear, though they are believed to be part of Mt. Gox’s repayment plan which was announced in late June. Mt. Gox’s trustee confirmed it started the repayment process on July 5.
Some Reddit users reported that their Bitbank accounts received Bitcoin and Bitcoin Cash from Mt. Gox under the repayment plan. Bitbank is among the exchanges that support the repayment process.
As reported, the refund is not being made directly to holders. Funds are instead sent to designated exchanges, such as Kraken, Bitstamp, SBI, Bitbank, and BitGo. The exchanges said they would allow Bitcoin withdrawals for up to 90 days after receiving the funds.
At the time of reporting, the Mt. Gox-labeled wallet holds over 138,900 BTC, valued at $8.8 billion.
This is a developing story. We’ll give updates on the situation as we learn more.
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Author: Vivian Nguyen
