Mt. Gox moves over 47k BTC to new addresses

Defunct crypto exchange Mt. Gox has moved more than more than 47,000 Bitcoin (BTC) to two new addresses.

According to data from Arkham Intelligence, two major transactions were recorded on July 23. 

One transaction saw about 42587.49 BTC, worth approximately $2.82 billion. The other, for 5,110.16 BTC, was directed towards its cold storage address.

The move is a part of the exchange’s plans to reimburse its creditors for $9 billion worth of bitcoin.

Prior to this, Mt. Gox made a series of small bitcoin transfers on July 22, potentially as tests, in anticipation of the major transfers. One of the recipient addresses belonged to the cryptocurrency exchange Bitstamp, identified by “3QV…zRN.”

The Bitstamp wallet received 2238.87 BTC, worth around $150 million, on July 23, hinting that the exchange might be ready to start distributing the funds. The exchange was selected as a trustee for the payout process, alongside other platforms like Kraken and Japanese exchange’s Bitbank and SBI VC Trade.

Both Japanese platforms had previously distributed the funds upon receipt. Approximately 47,229, worth $2.6 billion at the time, was sent in this regard. BitBank users confirmed receiving payouts on July 4, a day after the funds were moved.

On July 16, the crypto exchange confirmed receiving payment from Mt. Gox. The announcement was preceded by the exchange moving over 96,000 BTC to three unmarked wallets.

Following these transfers, the Mt. Gox wallet currently holds 90,344 BTC, valued at over $6 billion. However, following today’s transfers, the stash should comprise 42,744 BTC, amounting to roughly $2.85 billion.

The recent payout follows an attempted brute force attack on several Mt. Gox creditors who were receiving reports of unauthorized login attempts on their accounts.

Meanwhile, concerns loom regarding the impact of the recent payout on the price of Bitcoin. The first payouts had triggered mass panic, with the flagship cryptocurrency hitting a 5-month low. The fears were amplified as the German government was also on a selling spree during the same period.

The Mt. Gox creditors have seen a massive surge in their investments, which have been locked for over 10 years. While some market participants claim Mt. Gox customers could sell those holdings, a Reddit poll suggests more than 50% of users are looking to hold their BTC.