Bitcoin Cash

Bitcoin

Arkham

Elon Musk

Mt. Gox, the defunct crypto exchange, has initiated another transaction as part of its ongoing repayment plan to creditors, this time moving a small amount of Bitcoin (BTC) to Bitstamp, another major exchange participating in the distribution of funds to Mt. Gox’s former users. 
<h2 id="mt-gox-trustee-continues-bitcoin-distribution">Mt. Gox Trustee Continues Bitcoin Distribution</h2> 
According to the latest data from Arkham Intel, early this morning, wallet addresses associated with Mt. Gox transferred approximately 0.02 BTC each to eight different deposit addresses. These movements each represent a value of around $1,400 at current prices. 
Related Reading: <a href="https://bitcoinist.com/elon-musk-bitcoin-laser-eyes-trump-btc-2024/" target="_blank" rel="noopener ">Elon Musk Sports Bitcoin Laser-Eyes: Joining Trump At BTC 2024?</a> 
According to Arkham, these <a href="https://x.com/ArkhamIntel/status/1815329609644159136" rel="nofollow" target="_blank">transfers</a> are most likely a <a href="https://bitcoinist.com/bitcoin-down-mt-gox-distribution-spooks-investors/" target="_blank" rel="noopener ">precursor to more substantial transfers</a>, likely intended as test transactions before the final distribution of funds. “THIS MORNING: MT GOX MOVING FUNDS. Mt. Gox addresses deposited $1k to 4 separate Bitstamp deposit addresses. Bitstamp is 1 of 5 exchanges working with the Mt. Gox Trustee to facilitate creditor repayments. Mt. Gox currently holds: $6.08B in BTC. These transfers are likely to represent test transactions.” 
Mt. Gox, once the world’s leading crypto exchange, faced bankruptcy in 2014 following a high-profile hack. Since then, the exchange has been under a lengthy liquidation process, handled by a court-appointed trustee. The trustee has been tasked with the distribution of remaining assets to creditors, a process involving multiple exchanges, including Bitstamp, Kraken, Bitbank, and SBI VC Trade. 
The crypto community remains vigilant regarding these transfers, given their potential impact on Bitcoin’s market price. Daan Crypto Trades, a popular crypto trader on X, <a href="https://x.com/DaanCrypto/status/1815304884784148637" target="_blank" rel="noopener nofollow">commented</a>, “Probably going to see another Mt. Gox batch of BTC sent out today. There’s 90K $BTC ($6B) left in the Mt. <a href="https://bitcoinist.com/mt-gox-47229-btc-3-billion/" target="_blank" rel="noopener ">Gox wallets</a> as we speak. Could see this weigh down on price in the short term once it actually lands at the creditors. Once this is all out of the way, that’s great in the long run.” 
Last week, Kraken <a href="https://support.kraken.com/hc/en-us/articles/217205128-MtGox-FAQ" target="_blank" rel="noopener nofollow">confirmed</a> receiving Bitcoin and Bitcoin Cash from Mt. Gox and anticipated distributing these to customers within 7 to 14 days. “We have successfully received creditor funds (BTC and BCH) from the Mt. Gox Trustee. While we will work to distribute funds as quickly as possible, please anticipate 7-14 days for funds to be credited to your account. The amount you will receive has been determined by the Trustee, and we will distribute according to their instructions,” Kraken announced. 
Related Reading: <a href="https://bitcoinist.com/bitcoin-crypto-biggest-week-ever/" target="_blank" rel="noopener ">Bitcoin And Crypto Enter What Could Be The Biggest Week Ever: Key Events</a> 
The effort is part of a broader strategy where exchanges like Kraken, Bitstamp, and Bitbank are set to distribute the funds to their clients within a maximum of 90 days from receipt. While the immediate <a href="https://bitcoinist.com/ju-addreses-fears-around-mt-gox-bitcoin-moves/" target="_blank" rel="noopener ">market impact</a> of these distributions remains a concern, the final resolution of Mt. Gox’s long-standing liquidation process is viewed positively in terms of market stability and closure for creditors. 
At press time, BTC traded at $67,620. 
<img loading="lazy" decoding="async" class="size-full wp-image-311413" src="https://bitcoinist.com/wp-content/uploads/2024/07/BTCUSD_2024-07-22_14-21-06.png?resize=1024%2C473" alt="Bitcoin price" width="1024" height="473" srcset="https://bitcoinist.com/wp-content/uploads/2024/07/BTCUSD_2024-07-22_14-21-06.png?resize=1024%2C473?w=3628 3628w, https://bitcoinist.com/wp-content/uploads/2024/07/BTCUSD_2024-07-22_14-21-06.png?resize=1024%2C473?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/07/BTCUSD_2024-07-22_14-21-06.png?resize=1024%2C473?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/07/BTCUSD_2024-07-22_14-21-06.png?resize=1024%2C473?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/07/BTCUSD_2024-07-22_14-21-06.png?resize=1024%2C473?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2024/07/BTCUSD_2024-07-22_14-21-06.png?resize=1024%2C473?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2024/07/BTCUSD_2024-07-22_14-21-06.png?resize=1024%2C473?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/07/BTCUSD_2024-07-22_14-21-06.png?resize=1024%2C473?w=1140 1140w, https://bitcoinist.com/wp-content/uploads/2024/07/BTCUSD_2024-07-22_14-21-06.png?resize=1024%2C473?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1">

Mt. Gox Sends Bitcoin Again, This Time To Bitstamp: Here’s How Much

Table of Contents

Bitcoinist

Other articles published on Jul 22, 2024

2024’s Top Crypto Picks: BlockDAG Dominates with a 1400% ROI, Surpassing AVAX & STX Forecasts

RCO Finance (RCOF) Debuts Ultimate Crypto AI Trading Tool, Don’t Be Left Behind

MoonBag’s Presale Magic: Why Stacks Investors Are Switching Sides?

Bitcoin (BTC) Advances Toward $70,000 Ahead of This Week’s Big Event

How to detect crypto malware in your computer systems?

Dogecoin Whales Move 7 Billion DOGE in 24 Hours: What's Behind This Move?

Join our free newsletter for daily crypto updates!