Mt. Gox Transfers $2.98 Billion Worth of Bitcoin in 2 Hours

Defunct crypto exchange Mt. Gox has made significant moves in its ongoing efforts to repay creditors.

On Tuesday morning, the exchange transferred 2,239 Bitcoin (BTC), valued at approximately $149 million, to a Bitstamp wallet. This transaction followed two larger transfers made just hours earlier, totaling 42,587 BTC (worth about $2.84 billion) to two separate wallet addresses.

According to Spot on Chain, these transactions are likely part of Mt. Gox’s plan to repay $9 billion worth of crypto debt to its creditors, a process confirmed earlier this month. The exchange first moved 37,477 BTC (around $2.5 billion) to a new crypto wallet labelled “15yPUC,” followed by a transfer of 5,110 BTC (about $241 million) to a different internal cold wallet presumed to be owned by Mt. Gox.

Earlier in the month, Mt. Gox sent 1,545 BTC (approximately $84.87 million) to Bitbank, and on July 16, transferred 48,641 BTC (worth $3.27 billion) to a Kraken wallet. Data from Arkham Intelligence reveals that Mt. Gox currently holds over 90,344 BTC, valued at $6.04 billion.

Bitstamp is among the designated crypto exchanges to manage Mt. Gox’s repayments. Other prominent exchanges like Kraken have also acquired their shares of crypto assets in $BTC and $BCH from the defunct exchange, with plans to begin distribution within the next two weeks.

The distribution of assets to creditors meeting specific requirements outlined in the rehabilitation plan reportedly began on July 5, with payments made in Bitcoin (BTC) or Bitcoin Cash (BCH).

Confirmations of these payments have surfaced on Mt. Gox’s subreddit, with one user sharing an email from the exchange confirming a credit to a Japan-based creditor.

These recent activities mark significant progress in Mt. Gox’s efforts to settle its outstanding debts and bring closure to one of the most notorious incidents in cryptocurrency history.

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