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Mt. Gox, the malicious crypto exchange known for its 2014 hack of the big public, has made another significant Bitcoin transfer, moving 33,100 BTC to a new address and some to the OKX exchange. The transfer comes shortly after the exchange deposited $2 billion worth of Bitcoin to BitGo, suggesting that it is continuing its efforts to repay creditors.
Mt. Gox Transfers $2 Billion Worth of Bitcoin to OKX
According to PeckShield Alert’s on-chain maintenance, an address labeled Mt. Gox transferred 33.1K BTC worth around $2 billion to a new address starting with bc1qpn…7k53. In addition, 117 BTC worth $7 million was moved to the OKX crypto exchange from the same address in 24 hours.
This transaction comes on the heels of a previous transfer where Mt. Gox transferred $2 billion worth of Bitcoin to BitGo. These moves are part of the final stages of creditor repayments as the exchange works diligently to meet its obligations.
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Mt. Gox has made significant progress in its funding events, with the process nearly 70% complete. Up until now, $3.2 billion worth of Bitcoin has been distributed to approximately 17,000 creditors. Despite these major changes, Bitcoin’s price has remained stable and is currently trading around $61,000. The market has also seen a liquidity surge of $2.5 billion, driven by inflows from USDT and USDC stablecoins.
It is noteworthy that Bitcoin’s price has consolidated despite the large transfers. However, the market appears to be able to absorb these large transactions without significant volatility, likely due to the liquidity of stablecoins like USDT and USDC. Ace Mt. Gox continues to complete its payouts, its effectiveness above Bitcoin’s price and market action will be closely monitored.
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