Mt. Gox, a cryptocurrency exchange that was once the largest in the world, recently saw a substantial outflow of Bitcoin (BTC), moving over 47,500 BTC, a value of roughly $3.2 billion, to two undisclosed addresses. These transactions took place between 5:05 am and 6:27 am UTC on July 23. The latest data indicated that Mt. Gox had 90,344 BTC ($6.02 billion), but recent movements would decrease its current holdings to approximately 42,744 BTC ($2.85 billion).
These transfers are part of a repayment strategy that Mt. Gox had earlier announced. According to the plan confirmed on July 5, the infamous exchange aimed to quickly repay their creditors. Approximately 5,110 BTC worth about $340 million was sent from a “cold wallet” owned by Mt. Gox; just under half of this amount ($191 million) was transferred to an unknown address, with the rest landing at the Bitstamp exchange.
On July 22, it was evident that Mt. Gox was preparing for further repayments via Bitstamp. Mt. Gox deposit addresses reportedly made a symbolic $1 deposit to four distinctive Bitstamp deposit addresses in what seemed like a trial run before making more significant transactions. Bitstamp is reportedly among five exchanges cooperating with the Mt. Gox trustee.
This development rebuffs speculation from financial analyst Jacob King. On July 4 in an X post, King proposed that 99% of creditors would likely sell their coins as soon as they received them. However, a Reddit poll seemed to contradict his prediction.
Along with the recent $3.2 billion transferred, Mt. Gox has now offloaded over $12 billion to creditors since July 16. This major outflow is part of a repayment process that began in earnest on July 16, following two weeks of inactivity. With nearly 190,000 BTC moved in just three hours, the repayments are progressing as planned, contributing to over $12 billion in volume movements.