Mt. Gox moved 37,477 BTC to a new wallet, and data indicates that 40% of the creditor repayments have now been distributed.
Defunct cryptocurrency exchange Mt. Gox has transferred 37,477 bitcoins valued at approximately $2.5 billion to an unknown wallet. This action signifies the ongoing payment process for compensating creditors who suffered losses during the exchange’s collapse in 2014.
Blockchain analytics platform Arkham Intelligence revealed that Mt. Gox moved 37,477 BTC to a new address on July 24. 5,106 BTC was transferred again to a different wallet owned by Mt. Gox.
Mt. Gox Continues Repayment
The move occurred less than 24 hours after the exchange transferred BTC worth $2.8 billion to multiple wallets on July 22, with $340 million directed to four wallets linked to the crypto exchange Bitstamp.
Bitstamp is one of the five exchanges collaborating with Mt. Gox trustee to return funds to creditors.
Recall that on July 22, 2024, Arkham Intelligence revealed that Mt. Gox deposited $1 to four separate Bitstamp deposit addresses on July 22, 2024.
According to data analytics firm CryptoQuant, slightly more than 40% of the bitcoin owed to Mt. Gox creditors has been distributed, which indicates that 60%, or about $5.6 billion, still needs to be returned to creditors.
With creditor’s payments in progress, crypto investors have been worried about the possible selling pressure that the Mt. Gox repayments could introduce and the potential downward impact on BTC price.
Did the Repayment Impact BTC Price?
Mt. Gox’s ongoing repayment and other market sell-off activities impacted the digital asset’s price and stirred fear among investors.
BTC price experienced some setbacks last week, dropping it to a $54,000 range. However, it has regained its ground, currently trading at $66,963, a change of 0.13% in the last 24 hours.
Meanwhile, Mt. Gox still owes a substantial amount to its creditors, who have been waiting over 10 years to recover their funds after the exchange collapsed due to a major security breach.
The exchange urged its creditors to be patient in the repayment process, which started in early July.