Mt. Gox Begins Moving $2.7B Worth of Bitcoin as Part of Its Repayment Plan, Leading to a Sharp Decline in BTC\'s Price

Mt. Gox, the defunct crypto exchange, has begun moving large amounts of Bitcoin as part of its long-awaited repayment plan. This action, coupled with movements from government-held wallets, has led to a sharp decline in Bitcoin's price.

Mt. Gox, the defunct cryptocurrency exchange, has started to move large amounts of Bitcoin (BTC) as part of its long-awaited repayment plan to creditors. This action, combined with movements from government-held wallets, has led to a sharp decline in BTC’s price.

Breaking Down the Bitcoin Movements

Blockchain intelligence firm Arkham reported that over the past eight hours, Mt. Gox wallets have transferred 47,229 BTC, currently valued at approximately $2.71 billion, from its cold wallet.

Of this amount, 2,701.8 BTC ($148.4 million) was moved out of Mt. Gox wallets, with 1,544.7 BTC ($84.9 million) sent to Bitbank and 1,157.1 BTC ($63.6 million) transferred to an unknown counterparty.

Mt. Gox Trustee Nobuaki Kobayashi has announced the commencement of the repayment plan, which will see creditors finally compensated after the exchange’s collapse in 2014.

However, despite these transfers, Mt. Gox wallets still hold a total of 138,985 BTC, valued at $7.52 billion, at the time of reporting.

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