Mt. Gox Transfers $3.2 Billion In Btc Within Just Two Hours

Mt. Gox Significantly Reduced Bitcoin Reserves by Transferring Over 47,500 BTC to Unknown Addresses

On July 23, Mt. Gox resumed transferring funds, moving more than 47,500 Bitcoin, valued at approximately $3.2 billion, to two unknown addresses between 08:05 and 09:27.

According to Arkham Intelligence, Mt. Gox initially held 90,344 BTC worth $6.02 billion. Currently, this amount has decreased to around 42,744 BTC, valued at $2.85 billion.

Following the repayment announcement on July 5, the defunct exchange quickly began formulating new plans.

Mt. Gox's Fund Transfers: Where Did the Money Go?

Mt. Gox transferred a total of approximately $340 million worth of 5,110 BTC from its wallet labeled "Mt. Gox: Cold Wallet (1Jbez)" to an unknown address and the cryptocurrency exchange Bitstamp.

Of this BTC, approximately $191 million worth of 2,871 BTC was sent to an unknown address starting with 1JKMS, while the remaining $149 million was directed to Bitstamp.

Previously, 42,587 BTC, valued at $2.85 billion, had been sent to another unknown address starting with 15yPU.

Preparations for Bitstamp Refunds

On July 22, Mt. Gox began preparing to make refunds to creditors through Bitstamp according to on-chain movements. According to Arkham Intelligence data, Mt. Gox deposited "1 dollar" into four different Bitstamp addresses. Bitstamp is noted as one of the five exchanges working with the Mt. Gox trustee.

Jacob King's Forecast Contrasted with Reddit Survey

Despite financial analyst Jacob King's prediction on July 4 that 99% of creditors would sell their coins immediately, a Reddit survey presents a different perspective.

Total Amount Reached $12 Billion

Following the recent transfer of $3.2 billion worth of BTC from the Mt. Gox address, a total of over $12 billion has been transferred to creditors since July 16.

On July 16, the defunct exchange saw significant movement, transferring over 140,000 BTC after a two-week period of on-chain inactivity.

With approximately 190,000 BTC moved within just three hours, Mt. Gox’s fund transfers have significantly contributed to the overall volume movement, surpassing $12 billion, while ensuring that refunds proceed as promised.

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