tl;dr
Defunct Japanese-based Bitcoin exchange, Mt. Gox, has executed a massive transfer of over $2 billion worth of BTC to crypto wallet addresses, nearing the end of its repayment plan with a significant reduction in distribution funds. The exchange moved 33,960 BTC valued at $2.25 billion on July 31, wi...
Mt. Gox, the defunct Japanese-based Bitcoin exchange, has executed a massive transfer of over $2 billion worth of BTC to crypto wallet addresses, nearing the end of its repayment plan with a significant reduction in distribution funds. The exchange moved 33,960 BTC valued at $2.25 billion on July 31, with the transfer likely sent to addresses owned by BitGo, its final custodian. Mt. Gox now holds about 32,899 BTC worth over $2.11 billion, reflecting a 76.5% decrease in distribution holdings.
In a recent post, AI-powered blockchain analytics platform, Arkham Intelligence, uncovered a new substantial BTC transfer conducted by Mt. Gox. According to reports, the defunct Bitcoin exchange had moved a whopping 33,960 BTC valued at $2.25 billion on July 31. The blockchain platform disclosed that Mt. Gox’s massive Bitcoin transfer was probably sent to addresses believed to be owned by BitGo, a digital asset trust company and security firm. Arkham has revealed that BitGo is the fifth and final custodian working directly with Mt.Gox to help return funds back to creditors.
Earlier in June, Mt. Gox announced that it would begin distributing recovered Bitcoin and Bitcoin Cash (BCH) to creditors affected by the exchange’s hack attack in 2014. The total Bitcoin Mt. Gox has recovered since its hack attack is about 141,686 BTC. However, after a series of large-scale BTC transfers, the exchange’s BTC distribution holdings have reduced dramatically, reflecting a 76.5% decrease from the original amount.
Additionally, Lookonchain reported that since July 5, Mt. Gox had moved 61,559 BTC valued at approximately $3.89 billion to various crypto exchanges, including Bitstamp, Kraken, Bitbank, and SBI VC Trade. With less than half of its Bitcoin repayment funds left, Mt. Gox’s reimbursement plans are finally coming to an end.
In a statement released on July 24, Mt. Gox’s rehabilitation trustee, Nobuaki Kobayashi, disclosed that the Bitcoin exchange has successfully made repayments in Bitcoin and Bitcoin cash to over 17,000 creditors. The statement noted that following the repayments on July 5 and 16, Mt Gox’s rehabilitation trustee had made repayments to various creditors on July 24 using designated cryptocurrency exchanges.
Kobayashi also revealed that further payments will be executed promptly after the redistribution conditions for Mt. Gox creditors have been met. The Trustee has urged the remaining eligible rehabilitation creditors to remain patient as the repayment process continues.
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