Mt. Gox Begins Transferring 140,000 BTC to Repay Creditors

Wallets linked to the now-collapsed Bitcoin exchange Mt. Gox have transferred over 140,000 BTC. The coins, valued at approximately $9 billion, were moved to an unknown address.

Multiple transactions, each carrying over 140,000 BTC, have been linked to the now-collapsed Bitcoin exchange Mt. Gox. The coins, valued at approximately $9 billion, were moved to an unknown address on Tuesday, according to blockchain data.

The transactions initially raised concerns and also triggered a Bitcoin price drop. However, the exchange's rehabilitation trustee later clarified that the transfers were part of a cold wallet consolidation effort and not a sale of the exchange's BTC holdings.

Mt. Gox was previously the world's largest BTC exchange, but it was shut down in 2014 after revealing that it had lost hundreds of thousands of BTC in a hack. The exchange's creditors have been eagerly awaiting the repayment of their holdings since then.

Recent wallet activity shows multiple transactions, including a likely test transaction for $3 on May 20 and another smaller transaction for $160 on early Tuesday.

All of Mt. Gox's bitcoin has now been moved into a single wallet, according to Bitinfocharts data. This marks the first movement of assets from Mt. Gox's cold wallets in over five years. It also hints at the plan to distribute the assets back to creditors before the October 31, 2024, deadline.

Nobuaki Kobayashi, the rehabilitation trustee, released a statement assuring that no sale of bitcoin or bitcoin cash (BCH) had taken place. However, the market appeared to turn bearish following the news of the transfers.