Key Points
- The Mt. Gox Trustee transferred $2.25 billion in Bitcoin to two BitGo addresses as part of a creditor repayment plan.
- BitGo was the final custodian to handle creditor repayments, marking the end of a 10-year wait period for over 20,000 users.
The Trustee of the now-defunct crypto exchange, Mt. Gox, moved $2.25 billion in Bitcoin to two BitGo addresses.
This transfer was part of a larger $9 billion repayment plan for creditors.
Details of the Transfer
In addition to the BitGo transfers, the Trustee had also sent around $3 billion in Bitcoin to Kraken and at least $335.8 million to Bitstamp.
The transfers to BitGo took place on July 31.
The destination of the funds was initially uncertain.
However, Trustee’s emails to users and information from Akrham intelligence confirmed BitGo as the recipient.
At the time of the transfer, users reported that BitGo balances did not reflect the payments.
Following news of the transfers, Bitcoin initially fell below $66,000 but quickly recovered to trade above $66,500.
Creditor Repayments
BitGo was the fifth and final custodian chosen to handle creditor repayments, ending a 10-year wait for more than 20,000 users.
This wait period was the result of a series of hacks between 2011 and 2014.
After the Trustee transferred Bitcoin and other cryptocurrencies like Bitcoin Cash (BCH) to Kraken, Bitstamp, BitGo, and two other crypto exchanges, Mt. Gox held about 46,160 BTC worth over $3 billion.
Data indicates that just over $5.5 billion in BTC repayments have been settled.
The remaining $3 billion in Bitcoin may also be disbursed to creditors.
An alleged Trustee email suggests that 17,000 out of 20,000 creditors have received payments, but this claim has not been independently verified.
