Billions in Bitcoin linked to the defunct Mt. Gox exchange have been transferred to an unknown wallet. On May 28, a series of transactions moved 75,021 BTC, worth approximately $5 billion, sparking speculation and market reaction. Some analysts even think the move might have led to the recent Bitcoin 2% dip.
The movement comes ahead of the planned return of Bitcoin holdings to Mt. Gox creditors.
Whale Alert, a crypto tracking service, reported multiple transfers within an hour. Blockchain explorer Arkham Intelligence noted 21 transfers from various Mt. Gox cold wallets.
Most transactions involved around 2,000 BTC each. An additional 32,137 BTC were transferred later, pushing the total to over $5 billion. These transactions point to a single, unlabeled address.
Despite this, Mt. Gox still holds nearly 138,000 BTC, valued at over $9.36 billion. The identity and intent behind these movements remain unclear, as Mt. Gox's trustee firm Nagashima Ohno and Tsunematsu have not commented.
The sudden movement of such a significant amount of Bitcoin led to a 2% dip in Bitcoin prices. The market reacted cautiously, trading at $67,875 after the first transfer. Analysts had previously warned that such moves could unsettle the market.
Creditors of Mt. Gox have been waiting for over a decade to reclaim their assets following the exchange’s collapse in 2014. The final repayment deadline is October 31, marking a critical date for those affected.