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The defunct crypto exchange Mt. Gox has moved over 47,000 Bitcoin (BTC) to two new addresses.
According to data from Arkham Intelligence, two major transactions were recorded on July 23. One transaction involved approximately 42,587.49 BTC, valued at around $2.82 billion. The other transaction, for 5,110.16 BTC, was directed towards its cold storage address.
This move is part of Mt. Gox’s plans to reimburse its creditors for $9 billion worth of Bitcoin. Prior to this, the exchange made a series of smaller Bitcoin transfers on July 22, likely as tests in anticipation of the larger transfers. One of the recipient addresses belonged to the cryptocurrency exchange Bitstamp, identified by “3QV…zRN.”
The Bitstamp wallet received 2,238.87 BTC, worth approximately $150 million, on July 23, hinting that the exchange might be ready to start distributing the funds. Bitstamp was selected as a trustee for the payout process, alongside other platforms like Kraken, 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.
“Is Mt. Gox under attack?” — drama hits repayments
On July 16, the crypto exchange confirmed receiving payment from Mt. Gox. This announcement was preceded by Mt. Gox moving 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, after today’s transfers, the stash should comprise 42,744 BTC, amounting to roughly $2.85 billion.
The recent payout follows an attempted brute force attack on several Mt. Gox creditors, who reported unauthorized login attempts on their accounts.
Meanwhile, concerns loom regarding the impact of the recent payout on the price of Bitcoin. The initial payouts triggered mass panic, causing the flagship cryptocurrency to hit a 5-month low. These fears were amplified as the German government was also selling during the same period.
Mt. Gox creditors have seen a significant surge in their investments, which have been locked for over 10 years. While some market participants claim Mt. Gox customers could sell their holdings, a Reddit poll suggests that more than 50% of users are looking to hold their BTC.
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