- Mt. Gox transferred 5,106 BTC ($335 million) to Bitstamp and an unknown address on July 24.
- Over 66% of BTC owed to creditors has been distributed, according to CryptoQuant data.
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The defunct exchange moves 5,106 BTC to Bitstamp and an unknown wallet, with 2,869 BTC rapidly shifting through multiple addresses. This transfer aligns with Mt. Gox’s recent repayment announcement and could mark the near-completion of the process.
Mt. Gox, the once-prominent cryptocurrency exchange that collapsed in 2014, continued its creditor repayment process on July 24, transferring 5,106 Bitcoin (BTC) valued at approximately $335 million. The transfer, split between the cryptocurrency exchange Bitstamp and an unknown address, marks a significant step in the ongoing rehabilitation plan.
According to data from Arkham Intelligence, two transfers of 5,106 BTC were executed at 6:16 am UTC. Of this total, 2,237 BTC worth $147 million was sent directly to Bitstamp, while the remaining 2,869 BTC was transferred to an unknown address. The funds sent to the unknown address, beginning with “1MzhW,” were quickly moved through multiple wallets before ultimately landing in addresses linked to Bitstamp.
This latest transfer aligns with Mt. Gox’s July 5 announcement, which stated the exchange would “promptly” distribute owed funds in Bitcoin and Bitcoin Cash to creditors. Bitstamp, one of five exchanges collaborating with Mt. Gox on the Rehabilitation Plan, is playing a crucial role in returning funds to affected users.
The movement of funds suggests that Mt. Gox’s repayment process may be nearing completion. CryptoQuant data indicates that over 66% of the BTC owed to creditors has already been distributed. Furthermore, recent outflows have significantly reduced Mt. Gox’s holdings. After sending out over 47,500 BTC on July 23 and an additional 42,583 BTC in the early hours of July 24, the Arkham-tracked Mt. Gox entity now holds only 161 BTC, worth approximately $10 million.
As the repayment process progresses, the cryptocurrency community watches closely, anticipating the conclusion of one of the industry’s most notorious exchange failures and its subsequent recovery efforts.
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