Key Takeaways
- Mt. Gox has transferred $700 million in Bitcoin to unknown wallets.
- Experts believe most of the funds are being moved to cold storage, not for immediate distribution.
- 68% of Mt. Gox's Bitcoin has been distributed, with much still unspent by creditors.
Defunct exchange Mt. Gox transferred approximately 12,000 Bitcoin ($709.4 million) to a new, unknown wallet on August 20.
This marks the most significant Bitcoin move since July 30, when the exchange moved 47,229 BTC.
Additionally, Mt. Gox sent 1,265 Bitcoin ($74.8 million) to a cold wallet.
Distributions
Though this activity suggests possible preparations for creditor distributions, Alex Thorn, head of research at Galaxy, doubts most of these funds are for that purpose.
Thorn estimates only $74.5 million is intended for creditors, with the remainder likely being transferred to new cold storage.
68% distributed
As of now, Mt. Gox has distributed around 68% of its funds to creditors, though much of these funds remain unspent.
Experts suggest that many early adopters from Mt. Gox are holding onto their Bitcoin, anticipating higher prices or waiting for better tax conditions.
Mt. Gox collapsed in 2014 after a major hack, and the distribution of remaining funds to creditors has been ongoing since.
