Mt. Gox Moves Over $700 Million in Bitcoin

The notorious Mt. Gox exchange has made its first major Bitcoin transaction in weeks, shifting over $700 million worth of BTC to unknown wallets.

According to data tracked by Arkham Intelligence, Mt. Gox moved 12,000 BTC worth $709 million to one address and 1,265 BTC worth $75 million to another early Wednesday. The recipient addresses are unknown, sparking speculation that Mt. Gox could distribute more coins to creditors from its remaining Bitcoin hoard.

Mt. Gox owes billions to depositors affected by its massive 2014 hack. The exchange has been slowly reimbursing victims, putting selling pressure on markets this summer.  They have returned about 68% of lost user funds so far. But the defunct exchange still holds around 34,000 BTC worth nearly $2 billion even after this week’s transfers. 

The market remained unfazed by Mt. Gox’s latest Bitcoin movement, with BTC holding above $59,000. Some analysts think the selling pressure from reimbursements is fading as creditors opt to hodl coins.

Mt. Gox victims have defied expectations by seemingly holding rather than instantly selling their returned bitcoin. Many early adopters view Bitcoin as a long-term investment and are reluctant to sell.

While it is unclear if the latest transfer will be sold, it marks Mt. Gox’s first major BTC shift since late July. Such on-chain movements often precede distributions to creditors.