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More than 140,000 BTC were transferred from Mt. Gox wallets to an unknown wallet through thirteen transactions on Tuesday morning.
72 different Mt. Gox-related wallets sent 141,686 Bitcoin to a new wallet, "1Jbez."
$10B of Mt. Gox BTC (140K) moved over the last 7 hours
— Arkham (@ArkhamIntel) May 28, 2024
72 different Mt. Gox-linked wallets sent a total of 141,686 BTC in batches of ~2K to 1Jbez, a new wallet that received its first test transaction for $3.65 on 5/20 last week and began receiving larger transactions 8 hours… pic.twitter.com/PaBXqFrnYO
According to trustee Nobuaki Kobayashi, the $9 billion worth of Bitcoin is part of the exchange's plans to repay creditors.
"The Rehabilitation Trustee is preparing to make repayment for the portion of cryptocurrency rehabilitation claims to which cryptocurrency is allocated... As the Rehabilitation Trustee is proceeding with the preparation for the above repayments, please wait for a while until the repayments are made," the trustee stated.
Mt.Gox, which derived its name from "Magic: The Gathering Online EXchange" as it began as a trading platform for the collectable card game, was responsible for over 70% of Bitcoin transactions back in 2014. That year, the platform suffered a hack in which it lost 850,000 BTC. At the time, its value was $450 million; it's now worth over $7 billion.
Blockhead
The Tokyo-based exchange filed for bankruptcy protection in Japan soon after, leaving 24,000 creditors in the dark.
In January, custodians of Mt. Gox received an email confirming their Bitcoin addresses to make repayments. “The rehabilitation trustee shared your details with the cryptocurrency exchange or the custodian," reads the email sent to Mt. Gox users.
"In the future, it is anticipated that the Exchange will accept your subscription of agency receipt indicated on the System to receive repayment in BTC/BCH as your agent."
Blockhead
Bitcoin's price slipped 2% after news broke of Mt.Gox's transfer. brn, Blockhead's research arm, thinks the Mt. Gox transfer represents a significant development, but it's the broader economic landscape that will dictate Bitcoin's future trajectory.
"Despite the Mt. Gox transfer, selling pressure has subsided. Cryptos are now being pushed by macroeconomic factors like increased liquidity through treasury buybacks, the ETH ETF approval, easing of crypto regulation from Biden as Trump pressures for crypto adopter votes, slight YoY deflation in April that leads to interest rates cuts expected by September)," brn analyst Valentin Fournier said.
"Bitcoin’s profit margin is down to 3% and the selling pressure came down after last week’s pump. We expect it to break the 70K barrier in the upcoming weeks where it will keep consolidating while facing strong resistance at ATH level," Fournier added.
