Key Points
- Defunct exchange Mt. Gox has transferred over 47,000 Bitcoin (BTC) to new addresses.
- The move is part of the exchange’s plan to reimburse its creditors, worth around $9 billion in bitcoin.
The now non-operational crypto exchange, Mt. Gox, has recently shifted over 47,000 Bitcoin (BTC) to two fresh addresses.
This information was according to data from Arkham Intelligence, which recorded two major transactions on July 23.
Details of the Transactions
One transaction involved approximately 42587.49 BTC, valued around $2.82 billion. The second transaction, involving 5,110.16 BTC, was directed towards the exchange’s cold storage address.
These transfers are a component of Mt. Gox’s strategy to pay back its creditors in bitcoin, a sum estimated to be around $9 billion.
Before these major transfers, Mt. Gox made a series of smaller bitcoin transfers on July 22, potentially as tests.
One of the recipient addresses belonged to the cryptocurrency exchange Bitstamp, identified by “3QV…zRN.”
Bitstamp’s Involvement
The Bitstamp wallet received 2238.87 BTC, worth around $150 million, on July 23. This suggests that the exchange might be ready to begin distributing the funds.
Bitstamp was chosen as a trustee for the payout process, along with other platforms like Kraken and Japanese exchanges Bitbank and SBI VC Trade.
Both Japanese platforms had previously distributed the funds upon receipt.
Approximately 47,229 BTC, worth $2.6 billion at the time, was sent in this regard.
BitBank users confirmed receiving payouts on July 4, a day after the funds were moved.
On July 16, the crypto exchange confirmed receiving payment from Mt. Gox. This announcement was made after the exchange moved over 96,000 BTC to three unmarked wallets.
Following these transfers, the Mt. Gox wallet currently holds 90,344 BTC, valued at over $6 billion.
However, following today’s transfers, the stash should comprise 42,744 BTC, amounting to roughly $2.85 billion.
This recent payout follows an attempted brute force attack on several Mt. Gox creditors who were receiving reports of unauthorized login attempts on their accounts.
There are also concerns about the impact of the recent payout on the price of Bitcoin. The first payouts had triggered mass panic, with the flagship cryptocurrency hitting a 5-month low.
The fears were amplified as the German government was also selling during the same period.
The Mt. Gox creditors have seen a massive surge in their investments, which have been locked for over 10 years.
While some market participants claim Mt. Gox customers could sell those holdings, a Reddit poll suggests more than 50% of users are looking to hold their BTC.
