In just three hours on July 16, Mt. Gox moved over 140,000 Bitcoin, valued at nearly $9 billion, to a known cold wallet and two unknown addresses.
According to Arkham Intelligence data, Mt. Gox’s main wallet still holds 138,985 Bitcoin (BTC), worth around $8.7 billion.
This marks the first time in two weeks that funds have been mobilized.
Two major transactions occurred: nearly 96,000 BTC, worth over $6 billion, were transferred to two unknown wallets, while an initial 44,527 BTC was sent to a known Mt. Gox cold wallet.
Arkham Intelligence reported over 140,000 BTC moved in just three hours.
The total volume of Mt. Gox’s BTC transactions on July 16 reached almost 190,000 BTC, equating to over $12 billion in value.
One unknown address, ending in “BHDct9b,” received 42,587 BTC, valued at $2.69 billion. The remaining 4,641.24 BTC, worth $293.94 million, was transferred to “Mt. Gox: Cold Wallet (1Jbez).”
The “BHDct9b” address has yet to transfer the 42,587 BTC, causing market fear and a decline in Bitcoin’s value as sentiment turned negative.
Shortly afterward, another 48,641 BTC, valued at $3.07 billion, was sent to a different unknown address, further depleting the main Mt. Gox wallet.
The BTC price reached nearly $65,000 earlier on July 16 but dropped to $63,000 within hours, a decline of over 3%.
This ripple effect also led to more than a 5% dip in altcoins like Uniswap, Polkadot, and Bitcoin Cash.
Market sentiment became bearish as BTC’s price began to fall an hour before the first Mt. Gox transaction on July 16, continuing to decline as more outflows hit unknown wallets.
On July 5, Mt. Gox announced it would begin repaying its BTC and BCH debts to creditors, stating that the repayments would be made via designated crypto exchanges.
The announcement identified Mt. Gox Co. Ltd. as the Rehabilitation Debtor and Nobuaki Kobayashi as the Rehabilitation Trustee.
The statement indicated that the remaining rehabilitation creditors would receive funds “promptly” after fulfilling prerequisite conditions.
With over $9 billion in BTC outflows on July 16, the promise of prompt repayments might be realized before August.
