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On Wednesday, the cryptocurrency exchange Mt. Gox transferred Bitcoin valued at over $855 million to unknown wallet addresses, as reported by Arkham data.
The information revealed two significant transactions. One transaction amounting to $74 million was sent to a wallet recognized as Mt. Gox cold storage. The other transaction, totaling $784.2 million, was directed to an undisclosed wallet address. Since their initial transfer, these funds have not been relocated to any additional addresses.
Ten minutes ago (at 7:39 AM UTC+8 on August 21, 2024), a Mt. Gox address transferred 13,265 BTC, worth $784 million. Of this amount, 12,000 BTC were sent to a new address, while the remaining 1,265 BTC were moved to an address designated as a Mt. Gox cold wallet. None of these…
— Wu Blockchain (@WuBlockchain) August 20, 2024
Since its collapse in February 2014, Mt. Gox has been engaged in returning funds to creditors under a legal rehabilitation plan.
Bitgo Initiates Final Steps for Mt. Gox Payouts
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After a two-week period of inactivity, a Mt. Gox wallet managed by Bitgo, containing 33,105 Bitcoin, performed a test transaction at 10:57 UTC last week.
Bitgo is instrumental in the process of returning funds to Mt. Gox creditors, being the last of five platforms to support the trustee. Recent activity from the wallet suggests that Bitgo is in the final phases of preparing to distribute the remaining assets.
Mt. Gox Distributions Reach $5.77B, Market Remains Stable
As the distribution of Mt. Gox assets approaches completion, these transfers hold significant importance for creditors and the market. To date, $5.77 billion in Bitcoin has been allocated to exchanges. Creditors who previously held $1,000 in Bitcoin at the time of Mt. Gox’s collapse would now possess over $110,000 from the distributions.
Moreover, despite predictions of a potential sell-off due to the Mt. Gox distribution, the market has remained stable. There has been no substantial price decline, with Bitcoin trading up 0.6% at approximately $59,403 on Wednesday.
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