Mt. Gox Transfers $2.5 Billion in Bitcoin to Unidentified Wallet

The defunct cryptocurrency exchange Mt. Gox has executed a substantial transfer of 37,477 Bitcoin, valued at approximately $2.5 billion, to an unknown wallet address. This transaction took place at 4:53 am UTC on July 24, according to blockchain analytics firm Arkham Intelligence.

In addition to this massive transfer, Mt. Gox has moved 5,106 BTC to a separate cold wallet belonging to the exchange. This action follows an earlier transfer on July 22, where Mt. Gox shifted $2.8 billion worth of Bitcoin across multiple wallets. Notably, $340 million of this amount was directed to four wallets linked to Bitstamp, a major cryptocurrency exchange.

Progress on Creditor Payments

The movement of funds is part of the ongoing effort to repay creditors from the Mt. Gox bankruptcy case. Bitstamp is one of the five exchanges collaborating with the Mt. Gox trustee to facilitate these payments. Current data from CryptoQuant reveals that only about 40% of the Bitcoin owed to creditors has been distributed. Consequently, approximately $5.6 billion, or 60% of the total, remains to be returned.