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Falled cryptocurrency exchange Mt. Gox has recently sent an unidentified wallet address of 37,477 Bitcoin, valued at $2.5 billion at current rates. Data from the blockchain analytics website Valhalla Intelligence shows that Mt. Gox moved the 37,477 BTC to a fresh address at 4:53 am UTC on July 24.
Significant Bitcoin Movement by Mt. Gox
Of that total, 5,106 BTC were transferred once more to another cold wallet run-through by Mt. Gox.
Less than 24 hours after the $2.8 billion in BTC was moved from the exchange to various wallets on July 22, $340 million of that value was transferred to four wallets connected with the crypto exchange Bitstamp. One of the five exchanges collaborating with the Mt. Gox trustee to return money to creditors is Bitstamp.
Ongoing Payouts to Creditors
Data from CryptoQuant shows that just over forty percent of the bitcoin owed to Mt. Gox creditors has been disbursed as of the time of publication. That means 60%—or $5.6 billion—has yet to be refunded to creditors.
About 127,000 Mt. Gox creditors owe almost $9 billion worth of Bitcoin; they have been waiting for more than ten years to get their money back after the exchange fell apart following a significant security breach in 2014. Although some view it as a possible mass sell-off event, numerous analysts have argued the worries are mainly unfounded.
Head of research at Galaxy Digital, Alex Thorne, noted that rather than directly hitting the spot market, over half of the bitcoin that will be reimbursed to creditors is owed to other entities.
Thorn also pointed out that even the money given back straight to specific creditors is unlikely to enter the market all at once and that many Mt. Gox creditors are probably more “diamond-handed” than others would believe.
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