Key Points
- Mt. Gox has transferred a significant amount of Bitcoin to the Bitstamp cryptocurrency exchange.
- The transactions are believed to be part of ongoing creditor repayments.
Mt. Gox, a former Bitcoin exchange, has recently transferred a large amount of Bitcoin to the Bitstamp cryptocurrency exchange. This move is part of an ongoing process of creditor repayments.
Details of the Transactions
According to on-chain data provided by Arkham Intelligence, the initial transaction took place today at 04:46 UTC. It involved the transfer of 32,371 Bitcoin, worth $2.13 billion, to a newly-activated address ‘12Gws9’. Additionally, 5,106 Bitcoin, valued at $336.61 million, was moved to the Mt. Gox Cold Wallet. The total value of these transactions is $2.47 billion.
These transactions follow a recent series of transfers from the bankrupt Bitcoin exchange. Just yesterday, Mt. Gox transferred 47,000 Bitcoin to two new addresses.
Further Transactions and Repayments
Shortly after receiving the funds, the Mt. Gox Cold Wallet transferred the 5,106 Bitcoin to a Bitstamp address. Bitstamp also received 2,238 Bitcoin from Mt. Gox yesterday, following a series of test transactions. These inflows suggest that Bitstamp is preparing to repay creditors. This theory is supported by confirmations of repayments from Kraken users.
Meanwhile, the new wallet, ‘12Gws9,’ has held onto the 32,371 Bitcoin received earlier today. The address responsible for the initial transaction currently has an empty balance.
Since announcing plans to begin creditor repayments on July 5, Mt. Gox has continued to move thousands of Bitcoin. Most of these tokens are moving to centralized exchanges responsible for initiating these repayments.
On July 16, Mt. Gox moved a massive 96,390 Bitcoin to unidentified addresses. This coincided with Kraken’s confirmation of creditor balances. However, these recent movements have not had the expected impact on the market. Bitcoin is currently trading at $66,360, down 0.85% over the past 24 hours.
