Key Takeaways
- Mt. Gox wallets sent a huge amount of Bitcoin to an unknown wallet and Bitbank’s wallet on Tuesday.
- The wallet still holds over $8.8 billion in Bitcoin.
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A number of wallets linked to the defunct exchange Mt. Gox transferred around 44,000 Bitcoin (BTC), worth around $2.8 billion, to an unidentified address and Bitbank’s wallet earlier today, according to data from Arkham Intelligence. Bitcoin dropped below $64,000 shortly after the wallet move, CoinGecko’s data shows.
The purpose of this transfer is unclear, though it is believed to be a test transaction before large-scale transfers. Mt. Gox’s trustee confirmed it started the repayment process on July 5.
Some Reddit users reported that their Bitbank accounts received Bitcoin and Bitcoin Cash from Mt. Gox under the repayment plan. Bitbank is among the exchanges that support the repayment process.
As reported, the refund is not being made directly to holders. Funds are instead sent to designated exchanges, such as Kraken, Bitstamp, SBI, Bitbank, and BitGo. The exchanges said they would allow Bitcoin withdrawals for up to 90 days after receiving the funds.
At the time of reporting, the Mt. Gox-labeled wallet holds over 138,900 BTC, valued at $8.8 billion.
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