Mt. Gox has shifted $364 million in Bitcoin to B2C2 this month

Mt. Gox, the bankrupt crypto exchange, has moved approximately $364.4 million worth of Bitcoin to crypto liquidity provider B2C2 Group this month, according to an analysis by Lookonchain.

Lookonchain, citing data from Arkham Intelligence, reported that Mt. Gox has been transferring 200 to 300 BTC daily to B2C2 on weekdays since Bitcoin surged past $100,000 on Dec. 5. These consistent transactions suggest a structured approach to liquidating assets.

Mt Gox Bitcoin Transfers
Mt Gox Bitcoin Transfers (Source: Lookonchain)

B2C2 is a prominent crypto market maker and liquidity provider based in Japan and the UK. In December 2020, the firm was acquired by SBI Financial Services, a major player in the Japanese financial sector.

Although Mt. Gox has not commented on these transfers, market analysts believe they align with its strategy to reimburse creditors. Since repayment efforts began in July, B2C2 has facilitated some of these payouts.

Despite the recent transfers, Mt. Gox retains a significant holding of 36,085 BTC, valued at $3.4 billion at current prices, according to Arkham Intelligence data.

The post Mt. Gox has shifted $364 million in Bitcoin to B2C2 this month appeared first on CryptoSlate.

  • Related Posts

    Deep liquidity cushioned Bitcoin’s price during March volatility

    March has so far been an extremely volatile month for Bitcoin, with the past 13 days recording sharp price swings ranging between $95,000 and $78,000. However, despite these fluctuations, liquidity…

    Continue reading
    Bolivia turns to crypto for fuel trade amid US dollar shortage

    Bolivia has authorized its state-run energy company, YPFB, to use crypto for fuel imports as the country struggles with a worsening dollar shortage and fuel crisis. The government approved the…

    Continue reading

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Deep liquidity cushioned Bitcoin’s price during March volatility

    Deep liquidity cushioned Bitcoin’s price during March volatility

    Bolivia turns to crypto for fuel trade amid US dollar shortage

    Bolivia turns to crypto for fuel trade amid US dollar shortage

    Bitcoin outlook strengthens as USDT market cap expands and indicators enter oversold zone

    Bitcoin outlook strengthens as USDT market cap expands and indicators enter oversold zone

    Ethereum devs launch new testnet to finish Pectra upgrade amid struggles

    Ethereum devs launch new testnet to finish Pectra upgrade amid struggles

    SEC reportedly weighing XRP’s commodity status amid Ripple settlement negotiations

    SEC reportedly weighing XRP’s commodity status amid Ripple settlement negotiations

    Senate Banking Committee passes GENIUS Act with bipartisan support, advancing stablecoin regulation

    Senate Banking Committee passes GENIUS Act with bipartisan support, advancing stablecoin regulation