Mt. Gox, the defunct cryptocurrency exchange, has sent over 47,500 Bitcoin, worth nearly $3.2 billion, to two unknown addresses as part of its repayment process to creditors.
The movement appears to be part of Mt Gox’s ongoing repayment of $9 billion worth of bitcoin to creditors.
The transactions took place on July 23 at 5:05 am and 6:27 am UTC, according to data from Arkham Intelligence.
The latest movement reduces Mt. Gox’s holdings from 90,344 Bitcoin to around 42,744 Bitcoin, worth $2.85 billion. This follows a statement on July 5 from the exchange, indicating plans to promptly carry out repayments to creditors.
The “Mt. Gox: Cold Wallet (1Jbez)” sent 5,110 BTC, worth about $340 million, to an unknown wallet and Bitstamp. Of this, 2,871 BTC, worth $191 million, was sent to an unknown address starting with “1JKMS,” while the remaining funds, worth $149 million, went to Bitstamp. Earlier, 42,587 BTC, worth $2.85 billion, was transferred to another unknown address starting with “15yPU.”
These transactions follow earlier preparations by Mt. Gox to repay creditors through Bitstamp, with test transactions noted on July 22. Despite speculation that a majority of creditors might sell their Bitcoin immediately, a Reddit poll suggests many intend to hold onto their assets.
With the latest transactions, Mt. Gox has moved over $12 billion worth of Bitcoin to creditors since July 16. On that date, the exchange transferred over 140,000 BTC in a massive move after a two-week period of inactivity.
In total, nearly 190,000 BTC has been moved in just three hours, contributing to the overall volume movements as the repayment process continues.
Two Japanese exchanges, Bitbank and SBI VC Trade, have already received and seemingly distributed the allocated funds within hours of receiving the bitcoins.
As of July 17, over 36% of the Bitcoin owed to Mt. Gox creditors had already been distributed. Despite concerns about selling pressure, some large Bitcoin holders, known as whales, continue their buying spree. For instance, one whale purchased 245 BTC worth nearly $16 million on July 17, marking decent profits from previous trades.
