Bitrabo Editorial
A defunct Japanese Bitcoin exchange, Mt. Gox, has recently made a significant move of over $2 billion worth of BTC to crypto wallet addresses, bringing its repayment process closer to completion as the distribution funds dwindle.
Massive BTC Transfer by Mt. Gox
According to reports from Arkham Intelligence, an AI-powered blockchain analytics platform, Mt. Gox executed a substantial Bitcoin transfer of 33,960 BTC valued at $2.25 billion on July 31. This transfer was likely sent to addresses associated with BitGo, the final custodian working alongside Mt. Gox to facilitate the return of funds to creditors.
After this transfer, Mt. Gox now holds approximately 32,899 BTC worth over $2.11 billion, based on the current BTC price of $64,622.
Following a major hack attack in 2014, Mt. Gox announced plans to redistribute recovered Bitcoin and Bitcoin Cash (BCH) to affected creditors. The exchange has recovered around 141,686 BTC since the hack, with significant reductions in its distribution funds due to large-scale BTC transfers.
Blockchain analysis by Lookonchain revealed that Mt. Gox conducted substantial Bitcoin transfers to various wallets and crypto exchanges, diminishing its repayment funds significantly. With less than half of the BTC remaining for distribution, Mt. Gox’s reimbursement efforts are reaching their conclusion.
Bitcoin Repayments to Creditors
In a statement released on July 24, Nobuaki Kobayashi, Mt. Gox’s rehabilitation trustee, announced successful repayments in Bitcoin and Bitcoin Cash to over 17,000 creditors. Further payments will be made promptly as the redistribution conditions are met for Mt. Gox creditors, urging patience from eligible rehabilitation creditors as the repayment process continues.