Source

Bitcoin

Arkham

Mt. Gox continued its repayments on July 24, offloading 5,106 Bitcoin valued at approximately $335 million to the cryptocurrency exchange Bitstamp and an unknown address.
<a href="https://platform.arkhamintelligence.com/explorer/tx/453e764f60d2564c1d3bfe31b1ce08e128768f965afa54db748b4ea1981d28ae" target="_blank" rel="noopener nofollow">According</a> to Arkham Intelligence data, two transfers of 5,106 Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) were sent out at 6:16 am UTC, with 2,237 BTC worth $147 million sent to Bitstamp and around 2,869 BTC sent to an unknown address.
The unknown address, beginning with “<a href="https://platform.arkhamintelligence.com/explorer/address/1MzhWA9sBSLCN8RZ5ZCKCSV6Hd4gXfXyws" target="_blank" rel="noopener nofollow">1MzhW</a>,” promptly shifted the funds to another wallet, beginning with “<a href="https://platform.arkhamintelligence.com/explorer/address/12azLtpR1G8aBZNeimEsuuBdxAJTB5v5QS" target="_blank" rel="noopener nofollow">12azL</a>,” followed by one final move to addresses linked to Bitstamp.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/98a75388-354e-43f9-b85f-91c75261c414.png" alt="Mt. Gox transfers $335M in Bitcoin to Bitstamp, unknown wallet" title="">
 <figcaption style="text-align: center;">
 Data depicting the Mt. Gox transaction sending out around 5,106 BTC. Source Arkham Intelligence
 </figcaption>
</figure>
<h2 data-ct-non-breakable="true" id="destination-bitstamp">Destination: Bitstamp</h2>
The $355 million in BTC was split into a direct and indirect route to different Bitstamp wallets, potentially for easier allocation of repayments to specific creditors.
Mt. Gox’s change in BTC holdings aligns with the repayment <a href="https://cointelegraph.com/news/mt-gox-repayments-bitcoin-bitcoin-cash">announcement made by the defunct exchange</a> on July 5. The statement indicated it would “promptly" distribute the owed funds in Bitcoin and Bitcoin Cash (<a href="https://cointelegraph.com/bitcoin-cash-price-index">BCH</a>) to creditors.
Cointelegraph reached out to Bitstamp to enquire about the current status of the repayments process, but did not receive response before publication.
Related: <a href="https://cointelegraph.com/news/mt-gox-3-2b-bitcoin-outflows-july-23">Mt. Gox sees $3.2B BTC in outflows in just two hours</a>
<h2 id="creditors-awaiting-repayments">Creditors awaiting repayments</h2>
Bitstamp is one of the five exchanges working with Mt. Gox to further the Rehabilitation Plan repayments process and is helping return funds to creditors. 
According to CryptoQuant data, over 66% of the BTC owed to creditors of Mt. Gox has been distributed.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/110f302d-ad17-4545-bcef-d378616a5cf9.png" alt="Mt. Gox transfers $335M in Bitcoin to Bitstamp, unknown wallet">
 <figcaption style="text-align: center;">
 CryptoQuant data depicting 66.6% of Mt. Gox distributions being completed so far. Source: CryptoQuant
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/mt-gox-bitcoin-repayments-bitstamp-test-transactions">Mt. Gox prepares for repayments on Bitstamp, executes test transactions</a>
<h2 id="outflows-could-soon-be-at-an-end">Outflows could soon be at an end</h2>
According to Arkham Intelligence data, Mt. Gox currently holds 90,344 BTC worth around $6 billion, but this remains outdated and unchanged in the last 48 hours. 
On July 23, Cointelegraph coverage explained that <a href="https://cointelegraph.com/news/mt-gox-3-2b-bitcoin-outflows-july-23">holdings were in fact down to around 42,744 BTC</a>, worth $2.85 billion, after Mt. Gox sent out over 47,500 BTC.
On July 24, 37,477 BTC was sent out at 4.53 am UTC and a further 5,106 BTC followed at 6.16 am UTC — tallying up to 42,583 BTC sent out in the last four hours.
By subtracting the four-hour outflow from the holdings reported on July 23, the Arkham-tracked Mt. Gox entity holds only 161 BTC, worth just $10 million.
Magazine: <a href="https://cointelegraph.com/magazine/pudgy-penguins-pixelverse-ether-etfs-price-impact-hodlers-digest-july-14-20/">Pudgy Penguins lands in Pixelverse, Ether ETFs, and more: Hodler’s Digest, July 14-20</a>

Mt. Gox transfers $335M in Bitcoin to Bitstamp, unknown wallet

Table of Contents

Cointelegraph

Other articles published on Jul 24, 2024

Citi Research Upgrades Coinbase to ‘Buy’, Predicts 30% Stock Surge

Mt. Gox Payments Impact Crypto Prices

Polymarket partners with MoonPay on bank, credit card funding

Is XRP Golden Cross Incoming? Bitcoin (BTC) to Paint Head and Shoulders Pattern, Solana (SOL) Pat...

Russia Duma Passes Bill To Legalize Bitcoin Mining & Crypto Payments

Bitcoin ETFs Outflow $78M, Ethereum ETFs Inflow $107M on July 23

Join our free newsletter for daily crypto updates!