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Writer's picturemeowdini
Jul 232 min read

Mt. Gox Transfers $3.2B in Bitcoin, Setting Stage for Massive Creditor Payouts

Mt. Gox has moved 47,500 BTC worth $3.2 billion to unknown addresses, accelerating repayment plans to creditors.

In a major development, Mt. Gox, the defunct cryptocurrency exchange, has moved over 47,500 Bitcoin, valued at nearly $3.2 billion, to unknown addresses in a series of transactions on July 23. This move drastically reduces its Bitcoin reserves and underscores the ongoing repayment process to its creditors. The transfers have stirred speculation and anticipation in the cryptocurrency market, with significant implications for Bitcoin's price dynamics.


Golden Bitcoin symbolizing the significant $3.2 billion transfer by Mt. Gox, impacting the cryptocurrency market.
Mt. Gox transfers $3.2 billion in Bitcoin, paving the way for creditor payouts.

Key Points:


  • Massive Outflow: On July 23, Mt. Gox executed two substantial Bitcoin transfers at 5:05 am and 6:27 am UTC, sending over 47,500 BTC to unknown addresses, significantly depleting its reserves.


  • Current Holdings: Before the latest transfers, Mt. Gox held approximately 90,344 BTC, worth $6.02 billion. Post-transfers, its reserves have dwindled to around 42,744 BTC, valued at $2.85 billion.



  • Transaction Details:



    • 5,110 BTC, worth $340 million, was sent to an unknown address and Bitstamp. Of this, 2,871 BTC ($191 million) went to an unknown address starting with 1JKMS, while 2,239 BTC ($149 million) was transferred to Bitstamp.

    • The remaining 42,587 BTC was moved to another unknown address starting with 15yPU.


  • Repayment Preparations: Mt. Gox's preparation to repay creditors via Bitstamp was evident with transactions made to Bitstamp deposit addresses on July 22. Mt. Gox is collaborating with five exchanges, including Bitstamp, for these repayments.


  • Creditor Behavior: Despite speculation, a Reddit poll indicates that most creditors may opt to hold onto their Bitcoin rather than sell immediately upon receiving their payouts.



Mt. Gox's latest Bitcoin transfers mark a critical phase in its repayment process, with over $12 billion in BTC moved since mid-July. As the defunct exchange continues to liquidate its assets, the cryptocurrency community watches closely, anticipating the market's reaction to these substantial outflows. The repayment strategy could significantly influence Bitcoin's supply dynamics and its price movements in the coming weeks.


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