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Defunct crypto exchange Mt. Gox has moved more than more than 47,000 Bitcoin (BTC) to two new addresses.
According to <a href="https://platform.arkhamintelligence.com/explorer/entity/mt-gox" target="_blank" rel="noopener noreferrer nofollow">data</a> from Arkham Intelligence, two major transactions were recorded on July 23.&nbsp;
One transaction saw about 42587.49 BTC, worth approximately $2.82 billion. The other, for 5,110.16 BTC, was directed towards its cold storage address.
The move is a part of the exchange’s plans to reimburse its creditors for $9 billion worth of bitcoin.
Prior to this, Mt. Gox made a series of small bitcoin transfers on July 22, <a href="https://crypto.news/mt-gox-repayments-test-and-german-btc-sell-off-bitcoin-still-bullish/" target="_blank" rel="noopener noreferrer nofollow">potentially as tests</a>, in anticipation of the major transfers. One of the recipient addresses belonged to the cryptocurrency exchange Bitstamp, identified by <a href="https://platform.arkhamintelligence.com/explorer/address/3QVD5HvPJLbQhDsDdoDZtW9cwZG3mEFzRN" target="_blank" rel="noopener noreferrer nofollow">“3QV…zRN.”</a>
The Bitstamp wallet received 2238.87 BTC, worth around $150 million, on July 23, hinting that the exchange might be ready to start distributing the funds. The exchange was selected as a trustee for the payout process, alongside other platforms like Kraken and Japanese exchange’s Bitbank and SBI VC Trade.
Both Japanese platforms had previously distributed the funds upon receipt. Approximately <a href="https://crypto.news/bitcoin-price-plunges-below-55k-as-mt-gox-announces-repayments/" target="_blank" rel="noopener noreferrer nofollow">47,229, worth $2.6 billion</a> at the time, was sent in this regard. BitBank users confirmed receiving payouts on July 4, a day after the funds were moved.
You might also like: <a href="https://crypto.news/is-mt-gox-under-attack-drama-hits-repayments/" rel="noopener noreferrer nofollow"> ‘Is Mt. Gox under attack?’ — drama hits repayments </a>
On July 16, the crypto exchange <a href="https://crypto.news/kraken-confirms-receiving-mt-gox-creditor-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">confirmed receiving payment</a> from Mt. Gox. The announcement was preceded by the exchange <a href="https://crypto.news/mt-gox-moves-96-39k-bitcoin-to-unmarked-addresses-fueling-selloff-concerns/" target="_blank" rel="noopener noreferrer nofollow">moving over 96,000 BTC</a> 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.
The recent payout follows an <a href="https://crypto.news/is-mt-gox-under-attack-drama-hits-repayments/" target="_blank" rel="noopener noreferrer nofollow">attempted brute force attack</a> on several Mt. Gox creditors who were receiving reports of unauthorized login attempts on their accounts.
Meanwhile, concerns loom regarding 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 on a selling spree 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 <a href="https://www.reddit.com/r/mtgoxinsolvency/comments/1dwbur4/what_percentage_of_your_bitcoins_will_you_sell/" target="_blank" rel="noopener noreferrer nofollow">Reddit poll suggests</a> more than 50% of users are looking to hold their BTC.
Read more: <a href="https://crypto.news/kraken-confirms-receiving-mt-gox-creditor-bitcoin/" rel="noopener noreferrer nofollow"> Kraken confirms receiving Mt. Gox creditor Bitcoin </a>

Mt. Gox moves over 47k BTC to new addresses

crypto.news

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