Mt. Gox transfers billions to undisclosed destination, causing Bitcoin to fall below $68k

In a significant development, Mt. Gox, one of the earliest Bitcoin exchanges, has transferred billions of dollars’ worth of cryptocurrency to an external address after years of inactivity. Once a prominent player in the crypto trading world, Mt. Gox handled more than 70% of global Bitcoin transactions. The exchange moved around $3 billion worth of Bitcoin to an unknown address, as indicated by data from Lookonchain, a blockchain analytics firm. The transferred funds remain untouched at the new address. Following this transfer, Mt. Gox now holds approximately 137,892 BTC, valued at around $9.3 billion, according to Arkham Intelligence. The news of the transfer caused a drop in Bitcoin’s price, which now stands at $67,790. Mt. Gox, founded in Japan in 2010, quickly became the largest Bitcoin exchange globally. However, its success was short-lived when it abruptly ceased trading, shut down its website, and filed for bankruptcy protection in early 2014. It was discovered that the exchange had lost around 850,000 BTC, equivalent to $450 million at the time, due to theft over several years. The bankruptcy proceedings have been complex and protracted, but it is anticipated that Mt. Gox may begin repaying creditors in the second half of 2024, with estimates suggesting that repayments could reach $2 billion.