Data from Spot On Chain reveals that since the start of November, Mt. Gox has moved out a total of 6,900 BTC, worth nearly $588 million at today’s price, to the B2C2 Group. Mt. Gox was once the largest Bitcoin exchange and successfully processed over 70% of all Bitcoin transactions. But it got hacked some decades ago.
These funds were transferred through numerous transactions over a few days, which have been recorded on the blockchain.
Latest Transfers to New Wallets
These transactions were also revealed to be of various sizes, as observed by Spot On Chain blockchain analytics, ranging from 8.5 Bitcoin to a maximum of 281 Bitcoin. More recently, Mt. Gox transferred 2,220 BTC ($220,400,000) to new wallets within six hours. In particular, it was found that 300 BTC ($29.8 million) from the latest batch were sent to the B2C2 Group.
Mt. Gox Still Holds Significant BTC Reserves
However, Mt. Gox still maintains a massive amount of 38,004 BTC in its reserve, which amounts to more than $3.81 billion based on today’s Bitcoin price. This makes it one of the largest holders of Bitcoin in the world.
These transfer methods indicate that Mt Gox is paying its creditors systematically and looking for ways not to increase market volatility. The structured approach has been highlighted as very consistent in that the exchange moves funds daily but in very small amounts.
Implications for the Crypto Market
Some speculations also point out that there can be market influence due to the mass exchange of BTC by Mt. Gox. However, the volatility risk is well controlled when the transfers are made in small portions. So far, the market has accommodated this activity without much disturbance.
Mt. Gox Some observers believe that the funds can be connected to the Mt. Gox compensation for the creditors who have been waiting for the compensation for over a decade after the hack of the platform in 2014.
Transparency in Transfers
The detailed monitoring of Spot On Chain emphasizes the relevance of the transparent approach to managing such substantial assets. This way, the blockchain data allows stakeholders and creditors to monitor the money’s trail while increasing accountability.
As Mt. Gox sits on over $3.8 billion in Bitcoin, future actions will continue to draw the attention of traders and creditors.
