Mt. Gox, the defunct Japanese cryptocurrency exchange, has transferred a significant amount of Bitcoin to unknown addresses as part of its repayment plans to creditors. The exchange moved 95,870 BTC, worth approximately $6 billion at current prices, to multiple wallet addresses.
This latest transaction follows previous transfers of Bitcoin from Mt. Gox to a single address in May 2024, when the exchange moved over 140,000 BTC worth $9 billion, and another transfer of 47,229 BTC worth $2.71 billion in July 2024.
The transfers are part of Mt. Gox’s plan to begin repaying creditors in early July 2024, with a total of $9 billion worth of Bitcoin, Bitcoin Cash, and fiat currency expected to be distributed.
The influx of Bitcoin into the market has raised concerns about potential selling pressure and its impact on Bitcoin’s price.
However, some analysts have suggested that the actual amount of Bitcoin that could be sold on the market is closer to $4.5 billion, as creditors may choose to hold onto their Bitcoin or request cash-only payments