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Mt. Gox Begins Repaying Creditors, Moves $2.5 Billion In BTC

Mt. Gox Begins Repaying Creditors

The defunct crypto exchange Mt. Gox transferred Bitcoin to different wallets on Wednesday.

According to Arkham data, Mt. Gox moved 37,400 BTC worth $2.5 billion from its main wallet to a new one labeled “12Gws9E,” and an additional $300 million to an existing cold wallet. Another $300 million was moved to wallet “1MzhW,” with $130 million transferred to the crypto exchange Bitstamp.

Mt. Gox Begins Repaying Creditors, Moves .5 Billion In BTC
Mt. Gox currently holds $6 billion in BTC, down from $9 billion on July 10. BTC prices haven’t moved much during this period.

In early July, the defunct exchange began repaying creditors affected by the 2014 hack. Over $9 billion worth of BTC and $73 million of Bitcoin Cash (BCH) will be distributed to traders in the coming months.

See Related: Mt. Gox Starts Paying Back Creditors In Bitcoin After 10-Year Wait

CryptoQuant Data And Bitcoin Withdrawals

Data from CryptoQuant shows a significant increase in Bitcoin withdrawals from Kraken, one of the exchanges managing the repayments. Over the past 24 hours, more than 5,000 BTC, worth about $329 million, has been withdrawn.

Many recipients are transferring their recovered assets to self-custody wallets instead of cashing out immediately.

At the time of writing, the price of BTC is trading at $64.5k which is a 2.5% decline from the past 2 days.

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References
  1. Finazonprior-day close, indicative (IEX-derived, not the official close)
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