BITCOIN | Mt. Gox Transfers More Than 47,000 Bitcoins (BTC) to a New Wallet Before Scheduled July 2024 Repayments

The estate of the defunct crypto exchange, Mt. Gox, has transferred over 47,000 BTC ahead of its plan to repay $9 billion BTC to creditors. One of Mt Gox’s three wallets that held significant portions of funds sent around 47,228.7 BTC (about $2.71 billion) to a wallet address that ends with ‘6onk.’

As per the blockchain analytics platform Arkham Intelligence, on July 5, 2024, around 12:30 am UTC, the exchange moved the Bitcoin out of “cold storage.”

The now-defunct bitcoin exchange declared at the end of June 2024 that it will start paying its debtors more than $9 billion in fiat money, Bitcoin Cash, and cryptocurrency.

Since Mt. Gox made the announcement, the value of bitcoin has changed, and in 2024 it will lose part of the gains it has achieved thus far. As of this writing, the price of the cryptocurrency is approximately $55,250, a decrease of more than 7% over the last 24 hours and more than 20% over the last 30 days.

Since its launch in 2010, Mt. Gox has grown significantly in popularity, and by 2013, it accounted for 70% of all bitcoin trades worldwide, making it the largest bitcoin exchange. But it stopped accepting withdrawals and stopped trading at the beginning of 2014. After losing more than 800,000 bitcoins, the company filed for bankruptcy shortly after the website went offline.

In 2024, the dynamics of supply and demand for Bitcoin have favoured bulls. The halving event that occurred in April 2024 decreased the quantity of new Bitcoin that entered circulation, while the introduction of ETFs at the beginning of the year raised institutional demand. The more than 100,000 dormant Bitcoin that the trustees of Mt. Gox may soon release onto the market could tip the odds.