Mt. Gox Bitcoin Distribution Nears Its End Following $2 Billion Move, How Much Is Left?

2024-8-2 08:01

Defunct Japanese-based Bitcoin exchange, Mt. Gox, has executed another massive BTC transfer, moving over $2 billion worth of BTC to crypto wallet addresses. The exchange’s repayment plan is nearing its end, experiencing a significant reduction in its previously substantial distribution funds. 

Mt. Gox Moves Over 33,000 BTC

In a recent X (formerly Twitter) post, AI-powered blockchain analytics platform, Arkham Intelligence uncovered a new substantial BTC transfer conducted by Mt. Gox. According to Arkham’s reports, the defunct Bitcoin exchange had moved a whopping 33,960 BTC valued at $2.25 billion on July 31. 

The blockchain platform disclosed that Mt. Gox’s massive Bitcoin transfer was probably sent to addresses believed to be owned by BitGo, a digital asset trust company and security firm. Arkham has revealed that BitGo is the fifth and final custodian working directly with Mt.Gox to help return funds back to creditors. 

Following its 33,960 Bitcoin transfer, Mt. Gox now holds about 32,899 BTC worth over $2.11 billion. This figure is based on the current price of BTC, which at the time of writing is trading at $64,622 according to CoinMarketCap. 

Earlier in June, Mt. Gox announced that it would begin distributing recovered Bitcoin and Bitcoin Cash (BCH) to creditors affected by the exchange’s hack attack in 2014. During the hack, hundreds of thousands of BTC was stolen from Mt Gox’s customers and the company itself. At the time the stolen BTC was worth around $450 million, marking a substantial loss for the exchange. 

The total Bitcoin Mt. Gox has recovered since its hack attack is about 141,686 BTC. However, after a series of large scale BTC transfers, the exchange’s BTC distribution holdings have reduced dramatically, reflecting a 76.5% decrease from the original amount. 

Blockchain analysis platform, Lookonchain also revealed that Mt. Gox initiated a massive Bitcoin transfer on July 31. The crypto platform disclosed that Mt. Gox had moved a staggering 47,229 BTC worth approximately $3.13 billion to three unknown wallets addresses. 

Additionally, Lookonchain reported that since July 5, Mt. Gox had moved 61,559 BTC valued at approximately $3.89 billion to various crypto exchanges, including Bitstamp, Kraken, Bitbank and SBI VC Trade. With less than half of its Bitcoin repayment funds left, Mt. Gox’s reimbursement plans are finally coming to an end. 

Mt. Gox Makes Bitcoin Repayment To Over 17,000 Creditors

In a statement released on July 24, Mt. Gox’s rehabilitation trustee, Nobuaki Kobayashi, disclosed that the Bitcoin exchange has successfully made repayments in Bitcoin and Bitcoin cash to over 17,000 creditors. The statement noted that following the repayments on July 5 and 16, Mt Gox’s rehabilitation trustee had made repayments to various creditors on July 24 using designated cryptocurrency exchanges. 

Kobayashi also revealed that further payments will be executed promptly after the redistribution conditions for Mt Gox creditors have been met. The Trustee has urged the remaining eligible rehabilitation creditors to remain patient as the repayment process continues. 

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