Mt. Gox transfers $3.2 billion in Bitcoin with $150 million sent to Bitstamp

Bitcoin's price dipped below $66,500 after Mt Gox's large BTC transfers.

Key Takeaways

Mt Gox moved around $3.2 billion in Bitcoin on Tuesday. The transfer is part of a repayment effort to creditors from a $9 billion fund. <?xml encoding="UTF-8"?>

A wallet linked to the now-defunct crypto exchange Mt. Gox transferred $3.2 billion worth of Bitcoin early Tuesday, including around 42,587 Bitcoin (BTC), valued at $2.8 billion, to an unidentified address, and $150 million in Bitcoin to Bitstamp’s wallet, according to data from Arkham Intelligence.

Source: Arkham Intelligence

These transactions could be part of an ongoing process to repay $9 billion in Bitcoin to creditors, which was confirmed earlier this month.

Bitstamp is one of the designated exchanges to handle Mt. Gox’s repayments. Other exchanges like Kraken have also received their shares, with Bitbank and SBI VC Trade reportedly distributing the funds to creditors shortly after receipt.

Mt. Gox’s latest wallet activities follow a number of small Bitcoin transfers made yesterday, including one linked to Bitstamp. Those were believed to be test transactions before major distributions.

At the time of reporting, Mt. Gox’s Bitcoin holdings are valued at over $6 billion.

The recent transfers led to a sudden drop in Bitcoin’s price, which fell below $66,500 after hitting a high of $68,200 earlier today, CoinGecko’s data shows.

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