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Mt. Gox Moves $9 Billion in BTC

The movements come ahead of a plan to repay creditors later this year.
David C David C May 28, 20241 min read
Mt. Gox Moves $9 Billion in BTC

Once the largest Bitcoin exchange before its hack, Mt. Gox has transferred over 140,000 BTC over the past 24 hours to a single wallet in preparation for creditor repayments, scheduled for October, bringing Bitcoin down ~2%.

What's the scoop?

- Enormous Transfers: Over 140,000 BTC, valued at ~$9B, were transferred from Mt. Gox wallets to an unknown address across thirteen transactions —part of a plan to repay creditors by October 31, 2024.

- Trustee Statement: Nobuaki Kobayashi, the rehabilitation trustee for Mt. Gox, assured that no Bitcoin or Bitcoin Cash had been sold and that the assets are managed securely.

Bankless Take:

The market’s reaction is premature, considering these movements were planned transfers in line with the repayment scheduled for October. While it may be more cause for action then, selling will likely not happen all at once. Similar FUD around the FTX estate sales of SOL, which, while bringing the price down in the short term, turned out to be extremely bullish events with funds like Pantera Capital and Galaxy Digital locking SOL for years to receive it at discounts as low as 15%.

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David C

Written by David C

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David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.

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