Mt. Gox Moves Over 47,000 Bitcoin to New Addresses

Defunct crypto exchange Mt. Gox recently shifted more than 47,000 Bitcoin (BTC) to two new addresses as part of its ongoing reimbursement plan for creditors. This significant move, recorded by Arkham Intelligence, is a step towards settling $9 billion worth of bitcoin.

On July 23, two major transactions were documented. The first saw about 42,587.49 BTC, worth approximately $2.82 billion, transferred to one address. The second transaction, involving 5,110.16 BTC, was directed towards Mt. Gox’s cold storage address.

Prior to these large transfers, Mt. Gox conducted a series of smaller bitcoin transfers on July 22, likely as tests to ensure the major transactions would proceed smoothly.

Bitstamp and Other Platforms Involved

One of the recipient addresses was identified as belonging to cryptocurrency exchange Bitstamp. This wallet received 2,238.87 BTC, worth around $150 million, on July 23, indicating that Bitstamp might be gearing up to distribute the funds. Bitstamp, along with Kraken and Japanese exchanges Bitbank and SBI VC Trade, has been selected as a trustee for the payout process.

Japanese platforms like Bitbank have already begun distributing funds upon receipt. Around 47,229 BTC, valued at $2.6 billion at the time, was sent for this purpose. Bitbank users confirmed receiving payouts on July 4, a day after the funds were transferred. Additionally, on July 16, the exchange confirmed receiving payment from Mt. Gox.

Following these transfers, Mt. Gox’s wallet holds 90,344 BTC, valued at over $6 billion. After the recent transactions, the stash should comprise 42,744 BTC, amounting to roughly $2.85 billion. These moves indicate Mt. Gox’s commitment to reimbursing its creditors and mark a significant step in the long process of settling its obligations.