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.
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 Over the past 24 hours, more than 5,000 BTC, worth about $329 million, has been withdrawn.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.