Summary
- On July 24, Mt. Gox transferred $2.5 billion in Bitcoin to an unknown wallet.
- 40% of creditor repayments have been distributed so far.
New reports revealed that the defunct crypto exchange Mt. Gox has transferred 37,477 Bitcoins worth about $2.5 billion to an unknown wallet today.
Arkham Intelligence data reports that the exchange transferred the funds to a new address at 4:53 am UTC.
According to the reports, of the sum mentioned above, 5,106 BTC were sent through again to a separate cold wallet that is owned by the defunct exchange.
Today’s move of funds comes right after on July 23, the exchange transferred another $2.8 billion in Bitcoin to several wallets. About $340 million of the total sum was sent to four wallets that were reportedly associated with the crypto exchange Bitstamp.
Bitstamp is one of the five exchanges that are currently working with Mt. Gox trustee in order to return creditors their lost funds.
40% of the Bitcoin Owed to Creditors Distributed
According to the latest reports, over 40% of the Bitcoin owed to Mt. Gox creditors has been distributed, CryptoQuant data reveals.
The rest of 60% of funds, about $5.6 billion, is yet to be returned to creditors.
The total amount that Mt. Gox has to repay creditors totals around $9 billion. 127,000 credits are reportedly waiting to get their funds back for over 10 years. They have to recover the lost funds after the exchange collapsed following a significant security exploit dating back to 2014.
Some traders have seen the repayment process as a potential catalyst for massive sell-offs that could highly affect the price of Bitcoin. But, according to analysts the fears regarding the issue are completely overblown.
The CEO of CryptoQuant shared a post on X, explaining that the FUD around the fund distribution from Mt. Gox is will not affect Bitcoin’s price significantly.
Regarding the price of Bitcoin today, at the moment of writing this article, BTC is trading close to $66,000.