Bitstamp Receives $75M In Mt. Gox BTC
Date
8/21/2024 3:27:28 PM
(MENAFN- eTrendy Stock)
Defunct Japanese bitcoin exchange Mt. Gox has moved $75.36 million worth of Bitcoin (BTC) to Bitstamp.
Accordingly, many market players anticipate that the Bitstamp movement is a preparation for another payout to creditors. Data from Arkham Intelligence showed that the defunct exchange shifted 1264.69 BTC from its cold wallet to a Bitstamp wallet address on Aug. 21. Observers see the move as part of Mt. Gox's preparation towards another payout to creditors following the exchange's unexpected crash over a decade ago.
Mt. Gox's Latest BTC movement. | Source: Arkham Intelligence
Mt. Gox Resumes Bitcoin Transfers
According to the data from Arkham, a large BTC transaction from another Mt. Gox wallet with the description“1MUQE...5SXZZ” was received by Mt. Gox's cold wallet last night. 12,000 BTC, valued at almost $709.5 million, was sent to an unidentified address in this transaction.
Bitstamp, one of the centralized exchanges selected by the Mt. Gox trustee, has been facilitating these BTC repayments. Other exchanges, such as Kraken, have also processed payouts to creditors as the repayments continue.
Mt. Gox's Remaining BTC Holdings
After the previous repayments, the defunct crypto exchange still holds a significant chunk of its BTC assets. On-chain data shows that Mt. Gox possesses 46,164 BTC, which is worth around $2.7 billion.
This trend suggests that additional repayments could still happen after the trustee completes the distribution procedure. What is remarkable is that a large number of Mt. Gox creditors are going against what the market anticipated by holding onto their repurchased BTCs instead of selling them right away.
This behavior implies a long-term outlook, possibly signifying that they continue to see promise for the cryptocurrency. Mt. Gox, a Bitcoin exchange established in 2010, was previously one of the largest digital asset platforms.
However, it became defunct four years later following a significant hack that led to the loss of 850,000 BTC-years of legal action followed the platform's demise as creditors attempted to recoup their lost assets.
MENAFN21082024007158015398ID1108586831
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.