The bankrupt Mt. Gox exchange moved a total of $2.85B BTC to new wallets this morning, according to blockchain analytical firm Arkham Intelligence.
As part of its creditor repayment efforts, Mt. Gox transferred 5,110 BTC, worth $340.1 million, to four separate Bitstamp addresses.
Arkham reported that 1,598 BTC, valued at $106 million, went to a Bitstamp cold wallet. The rest was split among three other Bitstamp addresses: 382.4 BTC ($25.44 million) to 3CgKHX, 2,239 BTC ($149.1 million) to 3QVD5H, and 890.9 BTC ($59.3 million) to 3DgJ7MPGS.
On July 22, CryptoSlate noted that Mt. Gox had conducted several test transactions with Bitstamp, one of five exchanges the Mt. Gox Trustee is using to return funds to creditors. Other exchanges, including Kraken, have also confirmed receipt of the funds, with Bitbank and SBI VC Trade already distributing theirs to creditors.
Mt. Gox began repaying creditors affected by its 2014 hack earlier this month. The firm committed to paying over $9 billion in BTC and $73 million in Bitcoin Cash to impacted traders.
While some feared that this move would lead to heavy market volatility, market experts have described the news as unnecessary FUD against the top digital asset. Ki Young Ju, the CEO of CryptoQuant, said:
“MtGox FUD is overestimated. Market cap growth outpaces realized cap growth, showing strong demand. Since 2023, $224 billion in Bitcoin sold, yet price is up 350%. Even if MtGox’s $3 billion is sold on Kraken, it’s just 1% of the realized cap increase in this bull cycle — manageable liquidity.”
Meanwhile, the latest transfer coincided with Bitcoin’s price drop below $66,500, according to CryptoSlate’s data.
Mt Gox still holds a substantial amount of BTC. As of press time, wallets labeled as Mt. Gox on Arkham’s dashboard hold 85,234 BTC, equivalent to $5.70 billion.