The Mt. Gox Payments Confirmed: Over 32,000 Bitcoin Gr

Mt. Gox exchange has made payments to over 17,000 refinance lenders in Bitcoin (BTC) and Bitcoin Cash (BCH). Some have confirmed receipts through named cryptocurrency exchanges such as Kraken.

After a long wait, Matt Gox and creditors are slowly approaching the end of a decade-long ordeal, scrambling to influence the markets.

Mount Gox still has over 32,000 bitcoins.

After more than 17,000 payments, MT Gox still holds 32,899 bitcoins, worth roughly $2.099 billion at current rates, according to Arkham data. The balance comes after the exchange transferred 33,960 BTC worth $2.25 billion to addresses owned by the Bitgo exchange on July 31. According to Arkham, BitGo is the fifth and final trustee to work with Mt Gox's trustee in the lender's recovery process.

The exchange moved 33,105 BTC worth around $2.19 billion to a new address late Tuesday. This added billions of dollars worth of BTC has moved to established crypto exchanges over the past few weeks, including Bitbank, Kraken, Bitstamp and SBI VC Trading.

For example, in mid-July, Kraken said that it had successfully received funds from the Mt Gox trustee and would work to distribute them in the next 7-14 days. Bitstamp recently indicated that it plans to begin distributing its assets to Mt.Gox creditors starting July 25.

Read more: Top Crypto Losses: What You Need to Know

According to rehabilitation trustee attorney Nobuaki Kobayashi, payments to other rehabilitation creditors are made immediately after certain procedures, including due diligence, are completed.

“Payment to other rehabilitation creditors will be made immediately after the following conditions are met. (i) verification of the accuracy of registered accounts and other matters; (ii) Accepting the offer to register with the designated cryptocurrency exchange etc. in the Agency Receipt Agreement. (iii) Completion of discussions between the Restructuring Trustee and the Designated Cryptocurrency Exchanges regarding Repayment; and (iv) assurance that payments can be made safely and securely. We ask qualified rehabilitation lenders to stay for a while,” Kobayashi wrote.

Creditors have chosen to accept BTC instead of fiat after the payments came through more than a decade of legal proceedings. The lender's distribution plan is $9 billion worth of crypto recovered from the Gox currency collapse.

The exchange was established in 2010 and operates as the largest BTC trading platform worldwide. The tables turned, however, in 2014, Mt. Gox suffered a major security breach, losing at least 850,000 BTC. As repayments continue, markets support the potential impact if lenders decide to withdraw.

Crypto Markets Brace for Impact

Since Matt Gox went under, the price of Bitcoin has increased significantly, allowing some traders to profit from compensation.

“It is not possible to know how much these foreclosed properties will sell for. Rumors surrounding these are one of the main reasons why Bitcoin and the rest of the crypto market have been struggling in recent weeks. Matt Gox has been a cloud hanging over the crypto market for over a decade. The sooner the payment is made in full the better. But in the meantime, there will continue to be uncertainty about how much Bitcoin and Bitcoin Cash will be on the market and thus suppressed in value,” the Coin Bureau team said.

Prominent trader Daan CryptoTrades also commented on the possible scenarios. He observed that supply congestion makes altcoins look like More attractive than Bitcoin. However, Glassnode recently indicated that long-term owners and investors may take some of the sell-side pressure.

Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030

CoinShares researcher Luke Nolan offered a different perspective. He said Bitcoin's vast liquidity and the volatility of the lender's spread could soften any sell-off effect. He believes that Bitcoin Cash is most likely to be exposed by a creditor sale. Galaxy's head of research, Alex Thorne, also said the Mt. He said that the actual effect of the distribution of Gox on Bitcoin sales pressure can be estimated.