Mt. Gox wallets transfer over $7B in Bitcoin to undisclosed destination, causing a 2% decline in the cryptocurrency.

Bitcoin (BTC) experienced a 2% decrease on May 28 after wallets associated with the bankrupt crypto exchange Mt. Gox transferred 107,547 BTC, valued at nearly $7.3 billion, to an unknown wallet. This move comes as part of Mt. Gox’s plan to return BTC holdings to its creditors before October. Whale Alert, a blockchain tracking account, reported six on-chain transactions ranging from 3,999 BTC to 32,499 BTC within a few hours. The transactions originated from multiple Mt. Gox cold wallets and were sent to a single unlabeled address holding the aforementioned BTC. Mt. Gox’s trustee firm, Nagashima Ohno and Tsunematsu, did not provide an immediate response regarding the purpose and destination of these Bitcoin transfers. Following the movement of Mt. Gox BTC, Bitcoin’s price dropped around 2%, currently trading at $67,875 compared to the initial transfer’s price of $69,374, according to CoinMarketCap. This transfer has raised concerns among analysts at K33 Research, who believe it could negatively impact the market and put pressure on the cryptocurrency’s price. Mt. Gox collapsed in 2014 due to multiple undetected hacks, leaving approximately $9.4 billion worth of Bitcoin owed to its 127,000 creditors. The deadline for Mt. Gox’s final repayment is October 31, and the trustee has been contacting creditors since January to verify their identities and exchange accounts for repayment.