Bitrabo Editorial
Mt. Gox, the former crypto exchange, has sent a small amount of Bitcoin (BTC) to Bitstamp as part of its ongoing efforts to repay creditors. The transfer signifies progress in the distribution of funds to Mt. Gox’s previous users.
Mt. Gox Trustee Executes Bitcoin Transactions
Recently, wallet addresses connected to Mt. Gox moved approximately 0.02 BTC each to eight different deposit addresses. These transactions equate to roughly $1,400 each at current market rates.
These transfers are believed to precede larger transactions and are likely trial runs before the final fund distribution process. Mt. Gox is collaborating with about five exchanges including Bitstamp to facilitate repayments to creditors. The exchange currently holds $6.08 billion in BTC.
In 2014, Mt. Gox, once a prominent crypto exchange, declared bankruptcy after being hacked. Since then, it has been undergoing a lengthy liquidation led by a court-appointed trustee. The trustee is responsible for allocating remaining assets to creditors with the assistance of exchanges like Bitstamp, Kraken, Bitbank, and SBI VC Trade.
The crypto community closely monitors these transactions for potential impacts on Bitcoin’s market value. A prominent crypto trader observed the ongoing movements of BTC from Mt. Gox wallets and speculated on the short-term price impact.
Last week, Kraken confirmed receiving Bitcoin and Bitcoin Cash from Mt. Gox and announced plans to distribute these assets to customers within two weeks. Other exchanges are set to follow suit within a 90-day timeframe, aiming to provide closure to Mt. Gox’s liquidation process and boost market stability.
As of now, the price of BTC stands at $67,620.