Defunct crypto exchange Mt. Gox has moved more than 47,000 Bitcoin (BTC) to two new addresses. This action is part of plans to reimburse creditors for $9 billion worth of Bitcoin.
According to data from Arkham Intelligence, two major transactions were recorded on July 23. One saw about 42,587.49 BTC, worth approximately $2.82 billion, moved. The other, for 5,110.16 BTC, was sent towards cold storage.
Mt. Gox made smaller Bitcoin transfers on July 22, possibly as tests before the major transactions. One recipient address, identified as "3QV…zRN," belonged to Bitstamp. Bitstamp received 2,238.87 BTC, worth around $150 million, on July 23.
Bitstamp was selected as a trustee for the payout, alongside Kraken, Bitbank, and SBI VC Trade. Both Japanese platforms had previously distributed the funds upon receipt, sending approximately 47,229 BTC worth $2.6 billion at the time. BitBank users reported receiving payouts on July 4, a day after the funds were moved.
On July 16, another payout was confirmed by BitBank, following Mt. Gox moving over 96,000 BTC to three unmarked wallets. Post-transfer, the Mt. Gox wallet holds 90,344 BTC, valued at over $6 billion. Following today’s transfers, it should contain 42,744 BTC, approximately $2.85 billion.
Following these payments, security concerns rose due to unauthorized login attempts on some creditors’ accounts. Meanwhile, the Bitcoin community is wary of the impact of the payouts on Bitcoin’s price. Initial payouts triggered panic, with Bitcoin dropping to a 5-month low. The German government’s sell-off during the same period added to the instability.
While there are fears of sales by Mt. Gox creditors, a Reddit poll suggests more than 50% of users plan to hold onto their BTC.
