Mt. Gox moves $2.7B in Bitcoin to new wallet address One of Mt. Gox’s cold wallets just transferred more than 47,000 BTC to an unknown wallet address amid a plan to begin repaying its creditors. The collapsed Japanese crypto exchange Mt. Gox has transferred 47,229 Bitcoin — worth $2.71 billion at current prices — to a new wallet address in its first major transaction since May.

According to blockchain analytics platform Arkham Intelligence, the exchange transferred the Bitcoin at 12:30 am UTC on July 5 from “cold storage.”

The movement comes amid the exchange’s scheduled plan to repay creditors in July. A total of $8.5 billion worth of Bitcoin is slated to be paid back to creditors.

At 4:15 am UTC on July 5, Mt. Gox moved 1,545 BTC to the hot wallet of an exchange called Bitbank, one of the crypto exchanges supporting the repayment process.

Mt. Gox informed creditors that it had completed all the necessary steps to start begin issuing repayments in July, according to a June 24 statement from Mt. Gox trustee Nobuaki Kobayashi.

Several market commentators voiced concerns over the sheer volume of Bitcoin that could hit the market following Mt. Gox creditors selling their hold

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