Bitcoin dips below $68k as Mt. Gox moves billions to unknown address

According to Look on Chain analysts, one of the oldest Bitcoin exchanges, Mt. Gox moved billions worth of crypto to an external address for the first time in years.

Once dominating the crypto trading landscape by processing over 70% of global Bitcoin transactions, Mt. Gox transferred approximately $3 billion worth of Bitcoin (BTC) to an unknown address.

According to data from blockchain analysis firm Lookonchain, the exchange moved BTC worth $ 2.9 billion to 1Jbez…LAPs6. The funds have remained unmoved from that address since then.

Mt. Gox assets | Source: Arkham Intelligence

Following the transfer, the exchange now holds approximately 137,892 BTC in their respective wallets, and its current valuation is approximately $9.3 billion, according to Arkham Intelligence.

Amid the news, Bitcoin price dropped below $68,000 and the cryptocurrency is currently trading at $67,790, according to CoinGecko.

Founded in Japan in 2010, the company has grown rapidly to become the largest Bitcoin exchange in the world. But the success was short-lived, as in early 2014 the Tokyo-based platform abruptly stopped trading, shut down its website and filed for bankruptcy protection, revealing that it had lost around 850,000 BTC, worth around $450 million at the time. Later investigations revealed that the majority of these Bitcoins were stolen from the exchange’s hot wallets over several years, starting in late 2011.

The exchange’s bankruptcy proceedings were long and complex, to say the least. However, Mt. A solution is understood to be close, with Gox potentially starting to pay creditors from the second half of 2024. The total distribution could be significant, with estimates suggesting paybacks could be as high as $2 billion.