Mt. Gox Bitcoin Movements Continue, Trustee Transfers $2.47B in BTC to Unknown Address

Bitcoin movements from the rehabilitation trustee of the defunct crypto exchange Mt. Gox are still ongoing. The wallet linked to the defunct entity just moved $2.47 billion worth of bitcoins (BTC) to an unknown address.

According to data from the blockchain intelligence platform Arkham, the wallet transferred 32,371 BTC to the unlabelled address at around 04:46 am UTC. The stash was initially worth $2.47 billion, but bitcoin’s 24-hour plunge of nearly 1% has reduced its value slightly.

Mt. Gox Continues Creditor Distributions

Over the last two weeks, the Mt. Gox trustee has sent bitcoins to exchanges involved in its creditor distribution plan. These entities include Kraken and Bitstamp. One has received the funds to be distributed to creditors, and the other is still involved in the process.

Kraken told affected parties on July 16 that it had received $3.1 billion worth of BTC and Bitcoin Cash (BCH) from the Mt. Gox rehabilitation trustee and would begin distribution within the following seven to 14 days. On July 23, Mt. Gox creditors confirmed Kraken had begun distributions as promised.

On the other hand, Bitstamp is still receiving the assets to be distributed to creditors. So far, the defunct entity has transferred more than $657 million worth of BTC to addresses linked to Bitstamp, of which $156 million was moved yesterday. Arkham said $335 million of the funds moved this morning would be distributed to Bitstamp addresses. The exchange has promised to repay creditors shortly after receiving the total assets.

More Distributions Coming

Yesterday, Mt. Gox moved $2.85 billion worth of BTC to new wallets in preparation for more distributions. Such large moves often precede transfers to involved exchanges for creditor payouts. Kraken and Bitstamp are some of the five trading platforms involved in this process. Others are bound to receive their assets with time.

At the time of writing, the Mt. Gox wallet address held about 90,344 BTC worth roughly $5.99 billion at market prices. Bitcoin was trading at $66,400.

Meanwhile, creditors’ potential sale of the Mt. Gox bitcoins has stirred some fear, uncertainty, and doubt in the crypto space, but analysts insist that the impact on the market is overestimated.

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