Analysis of Mt.Gox Outflow Funds: Which Addresses Require Special Attention?

Last week, the highly anticipated Mt.Gox exchange reimbursement process has commenced, with funds from some wallet addresses already transferred to the exchange and set to be reimbursed to users in the coming one to two months.

search.ichainfo.com conducted a tracking analysis of the outflow of funds from Mt.Gox exchange. Through fund flow analysis, it was discovered that funds from the Mt.Gox wallet primarily flowed into six addresses, with four of these addresses showing subsequent fund movements that investors should pay particular attention to.

The core address we analyzed is 1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6, which served as an early aggregation address for Mt.Gox exchange funds. On May 28th this year, 141,619 bitcoins were aggregated into this address through eight transactions.

Mt.Gox Fund Analysis Chart, Source: search.ichainfo.com

The bitcoins in this address have all been transferred out, such as the address received by Kraken exchange on July 16th, which originated from here. The funds in this address primarily have two main destinations: one major destination is being transferred to exchanges supporting Mt.Gox reimbursements, known ones being Kraken, BitBank, and SBI VC Trade. The other major destination is in other addresses controlled by Mt.Gox.

Address 1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6 no longer holds Bitcoins, Source: search.ichainfo.com

Among these destinations, search.ichainfo.com has identified that Mt.Gox funds primarily flowed into the following six addresses:

• 3JQieEzccKjFS34oW8KZSGBDndiH1YyFrE, suspected to be a Kraken exchange address, received 48,641 BTC on July 16th, with funds currently unmoved. It is crucial to closely monitor any movements in this address, as outgoing funds may indicate Kraken initiating bitcoin reimbursements to users.
• bc1qrv0v2l9ekrx3lnkeusrzvu2hqyha6ex94nxumlhec4mrye8njm7sn7e4v4 is the BitBank hot wallet address, receiving a total of 1,544 BTC.
• 34X3kp5PTrqR9dA9Zf9XwivpE6tnNJdHKB is the SBI VC Trade hot wallet address, receiving a total of 1,157 BTC.
• 18vjnBHWAxU4CPGPqF7Gp9JyqdVBHDct9b is a Mt.Gox cold wallet address, currently holding 42,587 BTC. It is essential to closely monitor any outflows from this address.
• 1AsHPP7WcGnDLzxW2bUa2FcbJP3eZVEqpx is another Mt.Gox cold wallet address, currently holding 47,228 BTC. Monitoring any outflows from this address is crucial.
• 1HRAprcXCzx1YqYv7dcCcDzf3vYVGPv3b2 is a Mt.Gox cold wallet address, currently holding 526 BTC. Despite holding a smaller amount, monitoring any outflows from this address is equally important.

Main Destinations of Mt.Gox Funds, Source: search.ichainfo.com

While the market sell pressure generated by Mt.Gox’s reimbursement of bitcoins still persists, investors remain optimistic based on recent Bitcoin trends. Bitcoin is gradually recovering from its previous lows.

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Written by Auguste