Mt. Gox dramatically reduced its Bitcoin reserves after transferring more than 47,500 BTC to unknown addresses. This is a notable event.
On July 23 at 5:05 and 6:27 a.m. UTC, Mt. Gox started transferring bitcoins once again. Bitcoins worth approximately $3.2 billion were transferred to two unknown addresses.
Data from Arkham Intelligence shows that Mt. Gox holds 90,344 bitcoins, valued at $6.02 billion; however, this information is out of date, as the exchange now holds 42,744 bitcoins, valued at $2.85 billion.
Following the repayment announcement made by the defunct exchange on July 5, plans were made to repay lenders “expeditiously,” and the plan appears to be progressing well.
Arkham Intelligence data depicting around 47,600 BTC leaving the Mt. Gox address. Source: Arkham Intelligence
Mt. Gox outflow destination
The Mt. Gox wallet branded “Mt. Gox: Cold Wallet (1Jbez)” distributed 5,110 BTC worth around $340 million, split between an unknown wallet and the cryptocurrency exchange Bitstamp.
Out of the 5,110 bitcoins, 2,871 bitcoins, or about $191 million, were sent to an unknown address starting with 1JKMS. The remaining bitcoins worth $149 million reached Bitstamp.
Earlier, another unknown address starting with 15yPU received 42,587 BTC, worth $2.85 billion.
Bitstamp Preparing for Repayment
On July 22, based on Onchain fund holding movements, Mt. Gox started getting ready to pay back creditors via Bitstamp.
Mt. Gox “deposited $1,” to four different Bitstamp deposit addresses, Arkham Intelligence claims. “Bitstamp is one of 5 exchanges working with the Mt Gox Trustee.”
Source: Arkham
A survey on Reddit suggests the opposite, while financial analyst Jacob King predicted in an X post on July 4 that 99% of lenders would sell their coins as soon as they received them.
Over $12 billion offloaded
More than $12 billion in bitcoin has been released to lenders since July 16, following the recent transfer of $3.2 billion worth of bitcoin from a Mt. Gox address.
After two weeks of Onchain inactivity, the defunct exchange saw an outflow of over 140,000 BTC on July 16. This was a huge change.
Mt. Gox capital outflows contributed to almost $12 billion in volume changes as repayments went ahead as planned, with a round 190,000 BTC moving in only three hours.
