Mt Gox Moves $340 Million in Bitcoin to Bitstamp

By: Isha Das

The bankrupt Mt. Gox exchange has made a significant move involving $2.85 billion worth of Bitcoin this morning, as reported by blockchain analytical firm Arkham Intelligence. This move was a part of Mt. Gox's ongoing efforts to repay its creditors following its 2014 hack. A substantial portion of the funds, amounting to 5,110 BTC or $340.1 million, was transferred to four distinct addresses on the exchange platform Bitstamp.

Breaking down these transactions, Arkham reported that 1,598 BTC, equating to $106 million, was sent to a Bitstamp cold wallet. The remainder was distributed among three other addresses: 382.4 BTC ($25.44 million) to 3CgKHX, 2,239 BTC ($149.1 million) to 3QVD5H, and 890.9 BTC ($59.3 million) to 3DgJ7MPGS. This is not the first instance of such activity, as earlier transactions were noted on July 22nd involving Bitstamp, one of the five exchanges designated by Mt. Gox for the repayment process. Other exchanges like Kraken have also confirmed receipt of funds with Bitbank and SBI VC Trade already distributing their portions to creditors.

Mt. Gox has committed to repaying over $9 billion in Bitcoin and $73 million in Bitcoin Cash to the traders impacted by its notorious hack. Despite fears of potential market volatility, experts have advised that these concerns might be overblown. Ki Young Ju, CEO of CryptoQuant, commented that the impact of these repayments on the market is likely minimal considering the overall market cap growth. He noted, "MtGox FUD is overestimated. Market cap growth outpaces realized cap growth, showing strong demand... manageable liquidity."

The recent transfers coincided with a dip in Bitcoin's price below $66,500, according to data. As of the latest information, Mt. Gox still possesses a significant amount of BTC in its wallets, with Arkham's dashboard showing 85,234 BTC, valued at approximately $5.70 billion.