Update: Mt. Gox moves 47,200 Bitcoin, Bitcoin's price drops below $64,000

Key Takeaways

• Mt. Gox wallets sent a huge amount of Bitcoin to several wallets on Tuesday.
• The wallet still holds over $8.7 billion in Bitcoin.

A cold wallet linked to the defunct exchange Mt. Gox transferred around 47,200 Bitcoin (BTC), valued at almost $3 billion, to an unidentified wallet in the last minutes, according to data from Arkham Intelligence. Bitcoin dropped below $64,000 shortly after the wallet move, CoinGecko’s data shows.

Source: Arkham Intelligence

Data also shows that Mt. Gox’s wallet had made several Bitcoin transfers before the move, including 0.021 BTC to an unknown address, which could be a test transaction. The purpose of the latest transfer is unclear, though it is believed to be part of Mt. Gox’s repayment plan.

Mt. Gox’s trustee confirmed it started the repayment process on July 5. Some Reddit users reported that their Bitbank accounts received Bitcoin and Bitcoin Cash from Mt. Gox under the repayment plan. Bitbank is among the exchanges that support the repayment process.

As reported, the refund is not being made directly to holders. Funds are instead sent to designated exchanges, such as Kraken, Bitstamp, SBI, Bitbank, and BitGo. The exchanges said they would allow Bitcoin withdrawals for up to 90 days after receiving the funds.

At the time of reporting, the Mt. Gox-labeled wallet holds over 138,900 BTC, valued at $8.7 billion.

This is a developing story. We’ll give updates on the situation as we learn more.