Mt. Gox has moved 47,500 Bitcoin (BTC) worth $3.2 billion to two unidentified wallets. The transfers happened at 5:05 a.m. and 6:27 a.m. UTC respectively. This is to enforce the exchange’s repayment plan to its creditors.
Mt. Gox Moves 47,500 Bitcoin to Wallets
Mt. Gox has made another transfer, 47,500 Bitcoin, to two unknown wallets. Arkham Intelligence data shows that Mt. Gox has 90,344 Bitcoin, equal to $6.02 billion. However, as of now, the present holding is 42,744 Bitcoin, with a value of $2.85 billion.
By the exchange’s repayment statement on July 5, Mt. Gox started repaying the creditors. These efforts seem to be already in progress. The “Mt. Gox: The “Cold Wallet (1Jbez)” wallet transferred 5,110 Bitcoin to an unknown wallet and to Bitstamp.
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Of the 5,110 Bitcoin, 2,871 valued at $191 million were transferred to an anonymous wallet starting with 1JKMS. The rest, $149 million, was transferred to Bitstamp. The previous 42,587 Bitcoin, equivalent to $2.85 billion, was transferred to another unknown address with the tag 15yPU earlier.
Mt. Gox Uses Bitstamp for Repayments
Mt. Gox transferred the funds back to creditors through Bitstamp on July 22. This action was preceded by On-chain fund holding movements. Arkham Intelligence pointed out that Mt. Gox addresses sent $1 to four different Bitstamp deposit addresses.
All five exchanges currently working with the Mt. Gox Trustee are Bitstamp, Bloomberg, Brock Pierce, Digital Garage, and Wedge. Contrary to the opinion of finance analyst Jacob King, who believed that 99 percent of the creditors will offload their coins as soon as they receive them, a Reddit poll paints a different picture. The creditors seem to be more forgiving regarding the time of disposal of the coins.
The most recent $3.2 billion move brings the total creditor offloading since July 16 to over $12 billion. On July 16, Mt. Gox outsourced more than 140000 Bitcoins. This marked development happened after two weeks of on-chain stagnation.
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