Mt. Gox’s Coins on the Move as BTC Price Plunges to $66K

According to data provided by cryptocurrency analytics firm Spot On Chain, wallets associated with the now-defunct Mt. Gox cryptocurrency exchange transferred more than $2 billion worth of Bitcoin to three new addresses earlier this Tuesday. 

The price of Bitcoin dropped to as low as $66,853 earlier today, according to data provided by CoinGecko. 

Following the most recent transfers, there is still $810 million worth of Bitcoin left in known wallets associated with the exchange. 

Mt. Gox emerged as one of the main bearish catalysts earlier this year, putting severe pressure on the price of Bitcoin. It started repaying creditors in July in Bitcoin and Bitcoin Cash. Many of the exchange's customers had to wait for roughly a decade in order to get their money back. 

The exchange ended up repaying more than $6 billion worth of Bitcoin in July and August, according to SpotOnTrack data. In early September, Mt. Gox was left with about 30% of its initial holdings. 

Now, it seems like the repayment process is almost over, meaning that the exchange is unlikely to contribute to more selling pressure. 

Last month, the exchange's managing trustee announced that the deadline for repayments was pushed back to Oct. 31, 2025. The trustee noted that many creditors were yet to receive their repayments due to failing to complete the required procedures. Moreover, Mt. Gox also stumbled upon some issues during the repayment process. 

Meanwhile, Mark Karpeles, the disgraced CEO of the failed exchange, is now on track to launch his new exchange called EllipX. The controversial enterprineur recenlty stated that the Mt. Gox hack would not have happened with modern tools such as hierarchical deterministic (HD) wallets.