Mt. Gox, the infamous cryptocurrency exchange that once dominated the market, made a significant move on July 24. The defunct exchange transferred a whopping 5,106 Bitcoin, worth approximately $335 million, to Bitstamp and an undisclosed address. This move is part of their ongoing efforts to repay creditors.
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Bitcoin to Bitstamp and Beyond
According to Arkham Intelligence, Mt. Gox sent 2,237 BTC directly to Bitstamp and 2,869 BTC to an unknown wallet, which quickly shuffled the funds through multiple addresses before ending up linked to Bitstamp.
This complex transfer might actually be a smart move to make paying back Mt. Gox’s creditors easier, according to CoinTelegraph. By splitting the Bitcoin into different parts, Mt. Gox can simplify the repayment process. Using Bitstamp as a main point for these transfers could help manage and distribute the payments more efficiently. This way, funds are shared correctly and quickly, reducing paperwork and meeting regulatory needs.
Repayment Update
This transaction aligns with Mt. Gox’s recent repayment announcement, which promised to distribute owed funds in Bitcoin (BTC-USD) and Bitcoin Cash (BCH-USD). As of the latest updates from CryptoQuant, over 66% of the owed Bitcoin has been distributed to creditors. However, Mt. Gox’s remaining Bitcoin holdings appear significantly reduced, from around $2.85 billion to just $10 million in the last few days.
While Bitstamp has been silent on the specifics of the repayment process, the substantial transfers indicate progress in resolving the long-standing Mt. Gox saga.
What Is the Price of BTC?
At the time of writing, Bitcoin is sitting at $66,302.
