Mt. Gox moves $2.47 billion in Bitcoin as repayments to creditors accelerate News ▸ Bitcoin ▸ Bankruptcy
Mt. Gox moves $2.47 billion in Bitcoin as repayments to creditors accelerate
Kraken said it has completed Mt Gox creditors Bitcoin and Bitcoin Cash repayments.
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Updated: Jul. 24, 2024 at 10:50 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bankrupt Mt. Gox continued its Bitcoin transfers this morning by moving 37,477 BTC, equivalent to $2.47 billion, to an untagged address, 12Gws9, according to data from Arkham Intelligence.
The dashboard shows that the firm moved 5,106 BTC through a cold wallet to another untagged address beginning with 1MzhW.
Market observers said these transactions are part of Mt Gox’s effort to repay creditors. The firm began repaying creditors impacted by its 2014 collapse earlier this month and committed to paying over $9 billion in BTC.
Meanwhile, these latest transfers follow the failed firm movement of about $2.8 billion BTC to a new address on July 23. Of this amount, Arkham reported that Mt. Gox shifted 5,110 BTC, worth $340.1 million, to four separate Bitstamp addresses.
Blockchain analytical platform Lookonchain said the defunct exchange had moved 52,549 BTC, worth $3.31 billion, to three centralized crypto exchanges, including Bitstamp, Kraken, and Bitbank, since July 5. The three crypto platforms are among the five exchanges working with the Mt. Gox trustee to return creditors’ funds.
Despite its consistent Bitcoin movement, Mt. Gox still holds more than 90,000 BTC, estimated to be worth $5.97 billion, according to Arkham Intelligence data.
Kraken completes repayments
In a parallel development, Kraken said it successfully distributed the Bitcoin and Bitcoin Cash from the Mt Gox estate back to creditors.
On July 23, Kraken CEO Dave Ripley said:
“While frivolous lawsuits got in the way of earlier payments, we are extremely grateful to the Trustee for keeping the coins safe and HODLing the vast majority of BTC all this time. The preservation of value is exemplary and is surely appreciated by all creditors.”
The Kraken repayment was completed around a week after the firm confirmed receipt of the Mt. Gox creditors’ funds.
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Posted In: Bitcoin, Bankruptcy
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Mt. Gox
Mt Gox was a bitcoin exchange based in Shibuya, Tokyo, Japan that was launched in July 2010.
Kraken
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
Bitstamp
Bitstamp is a European-based cryptocurrency marketplace that allows people from all around the world to buy and sell cryptocurrencies.
David Ripley is the CEO of Kraken, a San Francisco-based digital asset exchange.