Mt. Gox Advances $9 Billion Bitcoin Repayment Plan with Major Transfer

Mt. Gox's recent Bitcoin transaction marks a significant step in its plan to distribute over $9 billion to creditors. A cold storage wallet linked to the now-defunct exchange moved approximately 37,477 Bitcoin (BTC), valued at nearly $2.5 billion, just minutes ago. Of this, 32,371 BTC, worth around $2.1 billion, was sent to an undisclosed address, as reported by Arkham Intelligence.

The transfer occurred after the Bitcoin was initially moved from a Mt. Gox-labeled wallet to the cold storage wallet yesterday. This activity is likely part of the ongoing efforts to repay creditors with the substantial Bitcoin holdings. On Tuesday, Arkham reported that Mt. Gox had moved over $2.8 million in Bitcoin. Ultimately, the entity allocated $340 million in Bitcoin to four Bitstamp addresses. Bitstamp is among the selected crypto exchanges responsible for managing creditor repayments.

Furthermore, numerous Mt. Gox creditors have confirmed receiving Bitcoin and Bitcoin Cash from Kraken, which followed the exchange’s receipt of these cryptocurrencies from the Mt. Gox trustee.