Mt. Gox moves over 47k BTC to new addresses

Shutdown cryptocurrency exchange Mt. Gox has moved more than 47,000 Bitcoin (BTC) to two new addresses.

According to data from Arkham Intelligence, two major transactions were recorded on July 23.

One transaction saw around 42,587.49 BTC worth around $2.82 billion. The other, for 5,110.16 BTC, was directed to a cold storage address.

The move is part of the exchange’s plan to repay $9 billion worth of Bitcoin to its creditors.

Prior to this, Mt. Gox made a series of small bitcoin transfers on July 22, potentially as tests, in anticipation of the larger transfers. One of the recipient addresses belonged to cryptocurrency exchange Bitstamp, identified as “3QV…zRN.”

Bitstamp wallet received 2238.87 BTC worth around $150 million on July 23, indicating that the exchange may be ready to distribute the funds. The exchange was chosen as a trustee for the payment process, alongside other platforms such as Kraken and Japanese exchange Bitbank and SBI VC Trade.

Both Japanese platforms had previously distributed the funds as they were received. Approximately 47,229 were sent, worth $2.6 billion at the time. BitBank users confirmed that they received the payment on July 4, a day after the funds were moved.

On July 16, the crypto exchange confirmed that it had received a payment from Mt. Gox. The announcement came as the exchange moved over 96,000 BTC to three unsigned wallets.

Following these transfers, the Mt. Gox wallet currently holds 90,344 BTC worth over $6 billion. However, following today’s transfers, this amount should include 42,744 BTC, equivalent to around $2.85 billion.

The latest payment follows a brute force attack on several Mt. Gox creditors who received reports of unauthorized login attempts to their accounts.

Meanwhile, concerns are growing about the impact of the latest payment on Bitcoin’s price. The initial payments caused mass panic and sent the flagship cryptocurrency to a five-month low. Fears were further heightened by the German government going on a selling spree at the same time.

Mt. Gox creditors have seen a huge increase in their investments that have been locked up for over 10 years. While some market participants claim that Mt. Gox customers may sell these assets, a Reddit poll suggests that over 50% of users want to hold on to their BTC.