Mt. Gox Initiates Test Transfers Ahead of Moving 80.5K Bitcoins

Bitcoin Mt Gox

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

About Author

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

Author Profile

Share

Copied

Last updated:

July 30, 2024 01:14 EDT

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Bankrupt crypto exchange Mt. Gox is preparing to distribute its remaining 80.5k Bitcoin holdings to creditors and investors. It comes as Bitcoin’s price struggles to surpass the $70,000 mark.

According to Arkham Intelligence, a Mt. Gox address labeled 12Rgp moved 0.02 BTC ($1,350) to an address starting with 1Adb. It also moved 0.0001 BTC to another starting with bc1q on Tuesday.

This indicates that Mt. Gox is performing test transfers ahead of relocating the remaining 80,128 BTC, worth $5.35b, in its possession.

The exchange, which went bankrupt after a major hack 10 years ago, has until October to return more than 140,000 bitcoins to victims of the event.

Despite this significant event, the crypto market is anticipated to remain relatively stable due to positive investor sentiment surrounding potential ether ETFs and the upcoming US presidential election.

At 7:31 UTC+8 today, the Mt. Gox (12Rgp) address transferred 0.02 BTC (about $1,350) to the address starting with 1Adb, and 0.0001 BTC to the address starting with bc1q, which may be a transfer test. Currently, there are 80.128k BTC left in the Mt. Gox address, worth $5.35…

— Wu Blockchain (@WuBlockchain) July 30, 2024

Mt. Gox Completes Initial Bitcoin Payouts to Creditors Via Kraken and Bitstamp

Mt. Gox has recently completed the initial distribution of Bitcoin to creditors through crypto exchanges Kraken and Bitstamp. While some creditors encountered withdrawal difficulties last week, these issues have largely been resolved.

The exchange has recently executed a series of Bitcoin transfers totaling about $5.52b.

After conducting preliminary test transactions, the exchange moved Bitcoin worth $2.85b to an undisclosed wallet.

Subsequently, it transferred another $2.47b from a cold storage wallet to an unknown address, while also internally shifting a portion of its Bitcoin holdings between cold wallets.