Mt. Gox sees $3.2B BTC withdrawn in just two hours
MT Gox started transferring money again on July 23, over 47,500 Bitcoin worth $3.2 billion to two unknown addresses at 5:05 am and 6:27 am UTC.
According to Arkham Intelligence data, Matt Gox holds 90,344 Bitcoins (BTC), worth $6.02 billion, but this has expired, and his current holdings are now worth around $2.85 billion at 42,744 BTC.
The exchange, which was suspended on July 5, announced a plan to “expedit” payments to lenders that appear to be doing well, following the payment announcement.
Related: Mt. Gox turns $9B in BTC, the market bracket to gain influence
Mount Gox exit destinations
The Mt. Gox wallet “Mt. Gox: Cold Wallet (1Jbez)” sent 5,110 BTC worth around $340 million to an unknown wallet and cryptocurrency exchange Bitstamp.
Of the 5,110 BTC, 2,871 BTC, worth $191 million, was sent to an unknown address from 1JKMS, and the rest of the money, $149 million, landed on Bitstamp.
The previous 42,587 BTC worth $2.85 billion was already sent to another unknown address from 15yPU.
Related: Mt. Gox prepares to pay on Bitstamp, performs test transactions
Preparation for Bitstamp payments
On July 22, Mt. Gox began preparing to pay creditors through Bitstamp, according to onchain fund management activities.
According to Arkham Intelligence, MT Gox addresses “deposited $1” to four different Bitstamp deposit addresses. “Bitstamp 1 of 5 Exchanges Working with Mt. Gox Trust.”
Although financial analyst Jacob King speculated on X-Post on July 4 that 99% of lenders will sell their coins “the moment they arrive,” a Reddit poll says otherwise.
Related: Mt. Gox Lenders Choose To Hodl Bitcoin Payments – Reddit Poll
It has dropped more than 12 billion dollars
The latest BTC 3.2 billion from Mt. Gox address is out, the number is more than $12 billion loaded to lenders as of July 16.
On July 16, the defunct exchange saw over 140,000 BTC withdrawn in a significant move after two weeks of onchain inactivity.
With nearly 190,000 BTC moving in three hours, the Mt. Gox fund withdrawals have contributed to more than $12 billion in voice activity as they continue to pay as promised.
Magazine: Pudgy Penguins Land on Pixelverse, Ether ETFs and More: Hodler's Digest, July 14-20
