Bitcoin (BTC) fell 2% on May 28 after a wallet purporting to belong to the collapsed crypto exchange Mt. Gox transferred 107,547 BTC, valued at $7.3 billion, to an unknown wallet. Trading is increasing hourly.
The move comes ahead of the dissolved crypto exchange’s plans to return its BTC holdings to creditors by October.
Blockchain tracking X account Whale Alert reported the activity in an X post on May 28, noting that six on-chain transactions ranging from 3,999 BTC to 32,499 BTC had occurred within a few hours.
Blockchain Explorer Arkham Intelligence show Transaction hashes between 1:41am and 4:46am UTC include transfers from multiple Mt. Gox cold wallets, most of which moved 2,000 BTC at a time.
All transactions are single, unlabeled address At the time of writing, it holds 107,547 BTC, valued at approximately $7.29 billion.
The trustees for Mt. Gox, Nagashima Ohno & Tsunematsu, did not immediately respond to inquiries about where the bitcoins were moved and why.
Related: 3 Tips for Protecting Bitcoin Profits Amid the Ethereum ETF Boom
Bitcoin has fallen about 2% following the Mt. Gox BTC move and is currently trading at $67,875 compared to $69,374 at the time of the initial move. according to Go to CoinMarketCap.
Last month, analysts at K33 Research warned that Bitcoin’s moves during the Mt. Gox era would “roil markets” and put pressure on the cryptocurrency’s price.
Some of Mt. Gox’s 127,000 creditors are owed more than $9.4 billion in bitcoin and have been waiting for repayment for more than a decade since the exchange collapsed in 2014 after multiple undetected hacks.
Mt. Gox’s final repayment deadline is October 31. The trustee began contacting creditors in January to verify their identities and exchange accounts for repayment.
magazine: Blockchain Detectives: The collapse of Mt. Gox led to the birth of Chainalysis
Update (May 28, 4:45 a.m. UTC): This article has been updated to include additional transfer details and background information.
Update (May 28, 5:55 AM UTC): This article has been updated to add details about additional transfers occurring at 4:46 AM UTC.
