Defunct crypto exchange, Mt.Gox has continued its repayment with its transfer of up to 5,106 BTC worth over $335 million to Bitstamp and an unknown wallet. According to data from Arkham Intelligence, the payments were transferred at 6.16 UTC. The money was split into 2,237 BTC sent to Bitstamp and about 2, 869 BTC transferred to an unknown address.
This unknown address, according to Arkham Intelligence starts with 1MzhW. At press time, data from the blockchain analytics platform indicates that the funds was later moved to another wallet, which starts with 12azL before it was eventually moved to several addresses linked to Bitstamp.
Genesis of the Mt.Gox repayment process
Don’t forget that Mt.Gox kicked off its reimbursement process in the first week of July after almost a decade of its collapse. In a statement, the exchange revealed its intention to repay creditors with Bitcoin and Bitcoin Cash. The repayment payment is structured in a way that the money will first be sent to selected exchanges. These exchanges will then complete the process by paying the creditors. However, Mt.Gox insisted that creditors must meet certain criteria to be eligible for repayment.
First, creditors’ accounts must be valid and they must comply with terms and conditions of the third parties exchanges handling the repayment process. Mt.Gox finally started the reimbursement process after its rehabilitation trustee reached a mutual agreement with the exchanges involved. Overall, Mt.Gox plans to distribute close to 141, 000 BTC worth over $9 billion to affected users.
Before transferring over $335 million worth of BTC to Bitstamp, Mt.Gox has earlier transferred over $3.5 billion BTC in total. Earlier today, it moved 37,477 Bitcoin, equivalent to $2.5 billion to an unknown wallet. According to Arkham Intelligence, Mt.Gox transferred the funds around 4:53 am UTC on July 24.
Last Monday, Mt.Gox also moved over $2.8 billion worth of BTC to some wallet addresses. Blockchain data shows that the exchange sent $340 million out of the money to four different addresses linked to Bitstamp. According to data from CryptoQuant, over 40% of the Bitcoin owed by Mt.Gox has already been paid out.
Read More: