Mt. Gox, the defunct crypto exchange has moved another fresh $2.47 billion to an unknown address after heavy onchain activities yesterday.
However, the price of Bitcoin was relatively stable at $66,440 experiencing only a 0.4% drop in the last 24 hours.
The crypto exchange continues its redistribution of BTC assets to its creditors following a 2014 hack that saw the exchange lose billions worth of BTC belonging to their users.
The transaction was picked up by Arkham a Blockchain intelligence firm who shared its findings with its X community.
“MT GOX UPDATE: $2.47B BTC MOVED Mt. Gox moved a total of $2.47B BTC to new wallets this morning in order to distribute 5106 BTC ($335.8M) BTC to 4 separate Bitstamp addresses. Mt. Gox still holds 90,344 BTC ($5.99B). Bitstamp is one of the 5 exchanges that the Mt. Gox Trustee is working with to return funds to Mt. Gox creditors. So far, Mt. Gox has sent 10,216 BTC ($675.9M) to Bitstamp.” Arkham Posted
The Arkham intelligence data shows at the time of the report that Mt. Gox holds about 90,344k BTC assets worth about $5.99 billion in Bitcoin’s current price.
Creditor Redistribution Ongoing
Mt. Gox which initially had over $9 billion worth of BTC assets to redistribute to creditors is now left with about $5.99 billion as the redistribution campaign which it started in early July is still in full swing.
The defunct exchange has sent these funds to exchanges involved in the redistribution process, Mt. Gox has made use of Bitstamp and Kraken at the moment for this process. There are three more other exchanges but Mt. Gox is focused on these two for now.
At the moment, Kraken has already started redistributing BTC assets it received from Mt. Gox to creditors.
The Kraken team confirmed on July 16 that it received $3.1 billion worth of BTC and Bitcoin Cash (BCH) from the Mt. Gox rehabilitation trustee and would begin distribution within the following seven to 14 days.
Bitstamp on the other hand has not started redistribution yet and is still in the process. The exchange has received over $657 million worth of BTC from Mt. Gox but is yet to distribute to creditors.
What to Know
Bitcoin price has remained slightly unaffected by the onchain activities of Mt. Gox at the moment as the primary crypto asset is currently stuck at $66,440 witnessing only a 0.4% drop in the last 24 hours.
Analysts have previously stated that the fear surrounding the Mt. Gox case and its propensity to create selling pressure in the market was been overestimated.
Mt. Gox wallet still holds over 90,344 BTC worth about $5.99 billion at today’s price.
Leave a Comment