Blockworks
Hey folks.
According to Arkham Intelligence, on Wednesday, MT. Gox moved 37,477 Bitcoins worth around $2.47 billion from a cold wallet to unknown address.
Additionally, 5,106 BTC (valued at $226m) were moved internationally by MT. Gox from one cold wallet to another within within the defunct crypto wallet. These movements are likely related to their repayment arrangement for creditors.
It follows crypto exchange Kraken moving to disburse assets to Mt. Gox creditors on Tuesday, potentially placing sell pressure on the market.
Estimated at $2.85 billion, 42,587 Bitcoin were transferred by Mt.Gox on Tuesday.
In a huge breakthrough for the creditors, Kraken stated last week that it has received $3b worth of money from the Mt. Gox Trustee. The exchange expected to start distributing the cash within 7 to 14 days.
Kraken Co-Founder Jesse Powel in a post on X described the day as "glorious" for creditors of MT. Gox as they started receiving funds. He stated, "what a long road. Glad to be closing the door on this chapter of crypto."
Creditors of MT. Gox are finally getting their hands on around $9 billion worth of Bitcoin and Bitcoin cash after years of legal disputing and delays.
The Trustee's start of the payment process has had a significant impact on the cryptocurrency market. In May, Mt. Gox moved a sizable amount of cryptocurrency out of storage for the first time in five years, raising concerns among investors that a fire sale by creditors could dampen the market.