Mt. Gox holds $3b in Bitcoin after BitGo transfer

The Mt. Gox Trustee sent $2.25 billion worth of Bitcoin to two BitGo addresses as part of a $9 billion creditor payment plan.

Bankrupt cryptocurrency exchange Mt. Gox, which sent around $3 billion worth of Bitcoin (BTC) to Kraken and at least $335.8 million to Bitstamp, also made transfers to BitGo on July 31.

It was previously unclear where the platform moved the funds, as crypto.news reported. However, emails sent by the Trustee to users quoted on a subreddit called “mtgoxinsolvency” and Akrham intelligence confirmed that BitGo was the recipient.

Users said their BitGo balances did not reflect the payments at press time. BTC initially fell below $66,000 following news of the transfer to BitGo, but the cryptocurrency quickly recovered from the losses and rose above $66,500.

BTC 24-hour chart on July 31 | Source: crypto.news

BitGo was the fifth and final custodian appointed to manage creditor payments after a 10-year waiting period. After a series of attacks between 2011 and 2014, more than 20,000 users waited more than a decade for refunds.

Mt. Gox held approximately 46,160 BTC worth over $3 billion after its Board of Trustees transferred Bitcoin and other cryptocurrencies such as Bitcoin Cash (BCH) to Kraken, Bitstamp, BitGo, and two other crypto exchanges.

It’s possible that the $3 billion in unpaid Bitcoin has also been distributed to creditors, as data shows the bankrupt marketplace has repaid just over $5.5 billion in BTC. One user pointed to a purported Trustee email claiming that 17,000 out of 20,000 creditors had received payments. At the time of writing, crypto.news was unable to verify the claim.