- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
Bitcoin Dips Below $63K as Mt. Gox Moves $2.8B BTC to Internal Wallets
One observer said the movement of coins was likely a part of the exchange's creditor reimbursement plan.

- BTC dips 3% on renewed movement of coins by defunct crypto exchange Mt. Gox.
- One observer said the movement of coins was likely a part of the exchange's creditor reimbursement plan.
Bitcoin BTC
The leading cryptocurrency by market value dipped 3% briefly falling below $63,000, after testing the $65,000 mark during the early Asian trading hours, according to CoinDesk.
The decline happened as the wallet associated with Mt. Gox initially moved 0.021 BTC ($1,000) to the blockchain address: 1EoZd1QNCiN9JbnsqvLRDbHKLygAsXHg3V. The small movement, supposedly a transfer test, was followed by a significant movement of 44,527 BTC ($2.84 billion) to an internal wallet, according to data tracked by Arkham Intelligence.
The movement was likely a part of the repayment plan, according to on-chain sleuth Lookonchain. Cryptocurrency exchange Kraken has reportedly confirmed creditor repayments, saying it has received funds and will distribute them over the next two weeks.
Mt. Gox moved 44,527 $BTC(2.84B) to an internal wallet 5 minutes ago, which may be preparing for repayment.#MtGox currently holds 138,985 $BTC($8.87B).https://t.co/f2q66eQNuk pic.twitter.com/JlqkZdzkPC
— Lookonchain (@lookonchain) July 16, 2024
Mt. Gox, once the largest bitcoin exchange in the world, went bust in 2014 after it lost hundreds of thousands of bitcoin in a hack. The exchange began repaying its debt on July 4, spurring fears of mass selling by creditors who have waited for reimbursements for a decade.
Bitcoin's drop weighed over the broader market, with ether, the second-largest digital asset by market value, dipping over 2.5% to $3,400. The CoinDesk 20 Index (CD20), a broader market gauge, fell over 2% to 2,182.
Update (11:21 UTC): Added detail about Kraken confirming Mt. Gox creditor repayments.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
