Mt. Gox shifts $2.2 Billion as Bitcoin drops
The trustees managing the Mt. Gox, responsible for a vast sum belonging to creditors, have recently relocated a significant amount of Bitcoin to a wallet whose owner has not been disclosed, signaling the final stages of settling a hack that has been unresolved for nearly ten years.
On a Tuesday, Mt. Gox transferred an estimated 33,964 BTC, valued at $2.25 billion, according to data provided by the blockchain analysis company, Arkham Intelligence.
Additionally, $3.1 billion in Bitcoin has been shuffled between two secure cold storage wallets owned by Mt. Gox. During the last 24 hours, the value of Bitcoin has shown minimal fluctuation.
Just last week, several trading platforms, with Kraken among them, announced that they have already completed the process of reimbursing the creditors.
Kraken has joined a group of five entities assigned the responsibility of disbursing funds back to the approximately 127,000 creditors impacted by the downfall of the once-thriving exchange in 2014.
Moreover, the appointed trustee of the estate declared last week that repayments in both Bitcoin and Bitcoin Cash have been processed through “specified cryptocurrency trading platforms” for over 17,000 creditors, as per an official release.
Further repayments to the remaining creditors will proceed once the validation of their registered accounts is confirmed and they consent to enter into a distribution agreement facilitated by the designated exchanges.
Initial exchanges selected by the Mt. Gox estate for the task of redressing the theft faced by its former clients include names like Bitstamp, SBI VC Trade, Bitbank, and Coincheck.
Bitstamp, SBI VC Trade, and Bitbank have also finalized the redistribution of customer assets. Coincheck's response to a comment request was pending at the time.
Current data reveals that Mt. Gox’s primary wallet still safeguards approximately 80 BTC, which is valued at $5.3 billion. It remains uncertain if there have been asset rearrangements in anticipation of a sell-off through an exchange.
Requests for comments from Arkham and the Mt. Gox trustee have not received responses up to this point.
This action comes in the wake of similar transactions last week, where Mt. Gox channelled $2.8 billion into a new, separate wallet, amidst a declining Bitcoin market.
Recently, Bitcoin’s price has started to retract towards its $66,000 benchmark, marking a 3% depreciation since the week's start.
At present, the leading cryptocurrency’s trading price hovers around $66,160, according to the latest figures from CoinGecko.
