Recent data from Arkham Intelligence reveals that Mt. Gox has transferred 13,265 Bitcoin to an unidentified wallet address on August 20th.
The bankrupt crypto exchange sent 12,000 BTC, valued at $709.4 million, to a new wallet address with the domain “1PuQB.” Additionally, 1,264 BTC, worth $74.7 million, was transferred to Mt. Gox’s cold wallet.
In total, the value of the transferred Bitcoin amounts to $784.2 million, or around IDR 12.1 trillion.
Interestingly, the price of Bitcoin seemed unaffected by this transfer, remaining stable at around $59,600. Prior to the transfer, Bitcoin had approached $61,000 but experienced a decline before the transaction took place.
Compensation Process Nearly Complete
Since early July, Mt. Gox has been actively conducting large-scale Bitcoin transfers as part of the compensation process for creditors affected by the exchange’s collapse in 2014. These transfers were made to wallet addresses connected to exchanges assisting in the distribution of Bitcoin, such as Bitstamp and Kraken.
A previous report from Glassnode indicated that as of July 22, 2024, over 41.5% of the Bitcoin owed to Mt. Gox creditors had been successfully distributed. This equates to 59,000 BTC out of the total 141,686 BTC, with a value nearing $4 billion.
Last week, Arkham Intelligence also reported a significant Bitcoin transfer worth approximately $2 billion by a wallet believed to be owned by BitGo, a Mt. Gox-related exchange, to a separate wallet.
For your information, BitGo is one of five exchanges supporting the distribution process of Bitcoin, alongside Bitstamp, Kraken, and two Japanese exchanges, including Bitbank and SBI VC Trade.
The movement of these large sums of funds indicates that the payment process for Mt. Gox creditors is nearing its final stages.
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