Mt. Gox Initiates Bitcoin Wallets, Conducts Minor Transfers to Selected Exchange for Repayments

Several Mt. Gox wallets recently conducted minor Bitcoin transfers as part of preliminary steps for a $9 billion repayment strategy. These transactions funneled funds to platforms like Kraken and Bitbank, enabling seamless access for their customers.

The movement of Bitcoin from Mt. Gox wallets was identified by Arkham Intelligence, with a fraction of the funds being indirectly channeled to a Bitbank-associated wallet designated by Arkham for creditor reimbursements. Noteworthy is that three wallets linked to the defunct exchange were involved, with the largest transfer amounting to approximately $24. These transfers are purportedly trial transactions in anticipation of significant customer repayments scheduled for this month.

Additionally, a portion of the Bitcoin sum was directed to an undisclosed wallet, the purpose of which remains ambiguous.

These developments coincide with Mt. Gox’s trustee preparing to initiate repayments in July. Rather than disbursing funds directly to clients, the repayments will be routed through various exchanges such as Kraken, Bitstamp, and Bitbank, which will subsequently distribute the funds to Mt. Gox creditors.

The repayment process is anticipated to span up to 90 days, with the exact schedule for these distributions yet to be disclosed.