Transfer of $3 Billion in Bitcoin by Mt. Gox to New Wallet, $130 Million to Bitstamp Exchange

A defunct cryptocurrency exchange, Mt. Gox, recently made significant movements involving billions of dollars worth of bitcoin. The exchange transferred a substantial amount of bitcoin to new wallets and sent $130 million to Bitstamp, a crypto exchange. These actions are part of Mt. Gox’s efforts to repay customers affected by a hack that occurred a decade ago.

The recent payments initiated by Mt. Gox began earlier this month, with the exchange still holding over $6 billion worth of bitcoin to distribute. This movement of cryptocurrency by Mt. Gox mirrors similar actions taken in the past. The exchange has been gradually repaying creditors impacted by the 2014 hack, with plans to distribute over $9 billion worth of bitcoin and $73 million in bitcoin cash to traders in the upcoming months.

Arkham data revealed that Mt. Gox transferred 37,400 BTC valued at $2.5 billion to a new wallet and another $300 million to an existing cold wallet. Additionally, $300 million was moved to wallet “1MzhW,” with $130 million subsequently sent to Bitstamp. Despite these significant transactions, the price of bitcoin has remained relatively stable.

Mt. Gox’s bitcoin holdings have decreased from $9 billion in July to $6 billion, with bitcoin prices hovering between $66,000 and $67,000 during this period. The exchange’s recent actions have drawn parallels to previous moves, including the transfer of funds to Bitstamp and internal wallet shuffling.

Furthermore, creditors on the Kraken exchange have reported receiving bitcoin repayments for the first time in their personal accounts. These repayments mark a significant step in the ongoing efforts to address the aftermath of the Mt. Gox hack. The exchange’s repayment process is part of a broader initiative to address the financial impact of the hack and provide restitution to affected parties.

In conclusion, Mt. Gox’s recent cryptocurrency movements highlight the ongoing efforts to address the fallout from the 2014 hack. The exchange’s actions reflect a commitment to repay customers and distribute assets in a transparent and structured manner. As Mt. Gox continues its repayment process, the cryptocurrency community closely monitors these developments and their implications for the broader market.