Mt. Gox Transfers $2.2B in Bitcoin, Signaling Potential Repayments

Bitcoin Price Today is trading around $65,000, with market volatility expected as the impact of Mt. Gox's large BTC transfer unfolds.

bankrupt cryptocurrency exchange Mt.Gox has made another large on-chain transfer, moving 32,371 Bitcoins, valued at over $2.1 billion, to an unmarked wallet. This marks the largest on-chain crypto transfer in 2023 and is part of the exchange's ongoing efforts to repay its creditors.

The new transfer follows a string of large on-chain transactions by Mt.Gox over the past four days, with a total of 32,871 Bitcoins, valued at over $2.22 billion, being moved from its associated wallets. Earlier today, the exchange also transferred 296 Bitcoins, valued at $20.13 million, to OKX and B2C2 crypto exchanges.

The exchange has been using different cryptocurrency exchanges to carry out the repayments in tranches to eligible creditors. Notably, the exchange has already repaid over $6 billion in Bitcoins to its creditors since June.

According to on-chain data analysis by Arkham Intelligence, the large on-chain transfer is part of Mt.Gox's final round of repayments to its creditors before the recently extended twelve-month deadline of October 31, 2025.

Earlier this year, Mt.Gox announced that it would be making a final round of repayments to its creditors, with the remaining Bitcoin holdings being distributed among the exchange’s creditors. The exchange had planned to make the final repayments by March, but the process was delayed due to several factors, including the need to obtain regulatory approval and to set up a system for distributing the funds to the creditors.

The exchange has been repaying its creditors in tranches, with the first round of repayments being made in June. The second tranche of repayments was made in August, and the third tranche was completed in September.

The exchange's creditors have been waiting for years to be fully repaid, and the upcoming distribution is expected to have a significant impact on the cryptocurrency market. The large on-chain transfer is also being closely watched by cryptocurrency enthusiasts and investors.

Mt.Gox filed for bankruptcy in 2014 after losing 850,000 Bitcoins in a hack. The exchange's creditors have been waiting for years to be fully repaid.

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