Mt. Gox Moves $2.6B in Bitcoins to Pay Creditors

Bitcoin has experienced another drop in value as bankrupt exchange Mt. Gox transferred a large amount of the cryptocurrency to a new wallet, potentially preparing for creditor repayments.

The top cryptocurrency lost over 4% of its value to reach $53,600, its lowest point since February 26. At 00:27 UTC, blockchain analytics firm Arkham Intelligence reported that Mt. Gox had transferred 47,228 BTC (worth approximately $2.6 billion) from cold storage to a new wallet.

The exchange was hacked in 2014 and is now set to distribute stolen assets to creditors, which include 140,000 BTC ($7.73 billion), 143,000 BCH, and the Japanese yen.

Since the upcoming repayments were announced last month, traders have been concerned that the sudden influx of coins into the market could lead to a mass sell-off.