According to data on Lookonchain, the defunct crypto exchange Mt. Gox moved 47,229 BTC, worth about $3.13B, at press time on July 31. The exchange transferred the BTC to three unknown wallets in a series of three-hour transactions.

The transfer was to BitGo, the fifth and final custodian working with the exchange to repay it creditors. Many speculate that this could be the final large transfer its making. Nonetheless, it still holds 46k BTC ($3 billion).

What’s worth noting is not the substantial amount Mt. Gox transferred, as it is common knowledge that the company is repaying its affected customers, but rather the market’s surprising resilience and lack of significant price movement in response to the large-scale transfer.

Between the period of the huge transfer to the time of writing, Bitcoin stayed in the $66k mark but briefly fell a little to $65,000. Currently, the asset is selling at $66,216, according to data on Coingecko.

The lack of change in the market situation following the huge transfer likely indicates that Mt. Gox’s impact on Bitcoin markets appear to be waning. 

Mt. Gox Repayment Plans

Prior to Mt. Gox announcing its plan to start repaying investors in July, the defunct company moved the crypto market with a huge transfer of 140,000 bitcoin (BTC) for the first time after five years.

The exchange spread the transfer through different transactions and moved about $9 billion in BTC  from its cold wallet to a new wallet. Market participants interpreted the transfer as a sign that the exchange was preparing to begin its repayment program.

A few days after its July repayment announcement, the defunct exchange transferred another 47,229 BTC, worth around $2.71B at the time of the incident. The transfer caused a market downturn, causing the value of Bitcoin to drop to $54k.

Gox Begins Repayment

Mt. Gox started paying off its debt later in July after Kraken crypto exchange confirmed that it received funds from the former in the form of Bitcoin (BTC) and Bitcoin Cash (BCH). Kraken processed the funds for final distribution to the Mt. Gox’s affected victims within 7 to 14 days.

In another move, most likely a part of its repayment program, Mt.Gox transferred more than 47,500 BTC to two unknown addresses about a week ago. The total amount transferred was worth almost $3.2 billion at that time.

Following the market’s resilience to Mt. Gox’s latest move transfer, we anticipate continued stability as the defunct exchange proceeds with its debt repayment plan.