Mt. Gox, once one of the world’s largest cryptocurrency exchanges, executed a significant Bitcoin transfer today, moving 42,587 BTC, valued at approximately $2.85 billion, to a new address.
The transaction occurred early on Tuesday and is part of a larger effort to repay creditors affected by a 2014 hack, Arkham noted.
$340M Worth of BTC Transferred to Four Wallets
According to Arkham, the transferred Bitcoin is intended to be distributed to several accounts. The primary purpose of these transfers was to allocate 5,110 BTC, worth about $340.1 million, to four separate Bitstamp addresses.
Bitstamp is one of the five cryptocurrency exchanges collaborating with the Mt. Gox Trustee to facilitate the return of funds to creditors.
As of the latest reports, Mt. Gox still holds 90344 BTC, valued at approximately $6.02 billion.
On June 22, 2024, Mt. Gox addresses also conducted transactions involving small amounts, including $1 deposited into four separate Bitstamp deposit addresses. Arkham noted that these transactions were likely to test transactions, part of the ongoing preparations for larger payouts.
As previously mentioned, it sent more than 5,110 Bitcoin, valued at $340 million, to the four wallets and another 37,000 Bitcoin, valued at $2.5 billion, to a brand-new wallet, the following day.
Over $9B Worth of BTC to be Distributed in Total
In early July, Mt. Gox began the process of repaying creditors impacted by the 2014 hack. The total distribution will include over $9 billion worth of Bitcoin and $73 million in Bitcoin Cash (BCH) to affected traders over the coming months.
The settlement of the long-standing problems resulting from one of the biggest cryptocurrency exchange thefts in history is contingent upon these reimbursements.
A Reddit survey contradicts finance analyst Jacob King X(Twitter) post speculation that 99% of creditors would sell their coins “the moment” they receive them.
The involvement of Bitstamp and other exchanges in the reimbursement process, together with the movement of large quantities of Bitcoin, underscores the intricate logistics involved in settling the hundreds of creditors impacted by the Mt. Gox breach.