The Bitcoin movements of Mt. Gox continue, the trustee transfers $2.47 million in BTC to an unknown address

The Bitcoin moves of the rehabilitation receiver of the defunct crypto exchange Mt. Gox are still ongoing. The wallet linked to the missing entity just moved $2.47 billion in bitcoins (BTC) to an unknown address.

According to data from the Arkham blockchain intelligence platform, the wallet transferred 32,371 BTC to the untagged address around 04:46 UTC. The stock was initially worth $2.47 billion, but bitcoin’s 24-hour drop of nearly 1% has reduced its value slightly.

Mt. Gox continues with creditor distributions

For the past two weeks, the trustee of Mt. Gox has sent bitcoins to exchanges involved in its creditor distribution plan. These entities include Kraken and Bitstamp. One has received the funds to distribute to creditors, and the other is still involved in the process.

Kraken told affected parties on July 16 that it had received $3.1 billion in BTC and Bitcoin Cash (BCH) from the rehabilitation trustee of Mt. Gox and that distribution would begin in the next seven to 14 days. On July 23, the creditors of Mt. Gox confirmed that Kraken had started distributions as promised.

On the other hand, Bitstamp is still receiving assets to distribute to creditors. To date, the defunct entity has transferred more than $657 million in BTC to addresses linked to Bitstamp, of which $156 million was transferred yesterday. Arkham said $335 million of the funds moved this morning would be distributed to Bitstamp addresses. The exchange has promised to pay the creditors shortly after receiving the total assets.

More distributions to come

Yesterday, Mt. Gox moved $2.85 billion worth of BTC to new wallets in preparation for further distributions. Such large movements often precede transfers to exchanges involved for creditor payments. Kraken and Bitstamp are some of the five trading platforms involved in this process. Others are required to receive their assets over time.

At the time of writing, the wallet address of Mt. Gox had about 90,344 BTC worth approximately $5.99 billion at market prices. Bitcoin was trading at $66,400.

Meanwhile, the potential sale by creditors of Mt.’s bitcoins. Gox has sparked some fear, uncertainty and doubt in the crypto space, but analysts insist the impact on the market is overstated.

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