Mt. Gox Wallet Makes Minor Bitcoin Transfer, BTC Sees Slight Dip

16. Jul 2024 Posted by Laurent C. on News

A wallet associated with the now-defunct exchange Mt. Gox transferred 0.021 Bitcoin (BTC), approximately $1,300, to an unknown address earlier today, according to data from Arkham Intelligence. Following the wallet activity, Bitcoin briefly fell below $64,000.

The exact reason for this transfer remains unknown, though it is speculated to be a preliminary test before larger transactions. Mt. Gox's trustee confirmed the commencement of the repayment process on July 5.

Some Reddit users have noted that their Bitbank accounts received Bitcoin and Bitcoin Cash from Mt. Gox as part of this repayment plan. Bitbank is among the exchanges participating in the repayment process.

According to reports, refunds are not being sent directly to individual holders. Instead, funds are being transferred to designated exchanges such as Kraken, Bitstamp, SBI, Bitbank, and BitGo. These exchanges have announced that they will facilitate Bitcoin withdrawals for up to 90 days after receiving the funds. 

As of now, the Mt. Gox-labeled wallet holds over 138,900 BTC, valued at approximately $8.8 billion.