- Mt. Gox disburses 5,106 Bitcoin, valued around $335 million, to Bitstamp and an undisclosed address.
- Funds transferred are part of ongoing repayments under Mt. Gox’s Rehabilitation Plan.
- Over 66% of the Bitcoin owed to creditors has already been distributed according to CryptoQuant.
The defunct cryptocurrency exchange Mt. Gox has made another significant step in its long-term repayment process to creditors by disbursing approximately $335 million worth of Bitcoin. According to Arkham, on July 24, the exchange transferred 5,106 Bitcoin in two significant transactions aimed at fulfilling its obligations under the established Rehabilitation Plan.
Detailed Transaction Breakdown
Mt. Gox executed two major Bitcoin transfers. The first transaction saw 2,237 BTC, valued at about $147 million, sent directly to Bitstamp, a prominent cryptocurrency exchange. The remainder, approximately 2,869 BTC worth roughly $188 million, was initially sent to a wallet with unknown ownership before being moved to Bitstamp-linked addresses through a series of quick transactions.
This strategic distribution is part of Mt. Gox’s effort to facilitate the allocation of repayments to specific creditors, a commitment made public by the exchange earlier in the month. The movements of these funds were likely orchestrated to streamline the process of distributing the owed Bitcoin and Bitcoin Cash to the affected parties.
Progress in Repayment Plan
The ongoing efforts by Mt. Gox to settle its debts have reached a significant milestone, with data from CryptoQuant indicating that over 66% of the Bitcoin owed to creditors has now been successfully distributed. This progress is a critical component of the Rehabilitation Plan that Mt. Gox has been working under, aiming to rectify the financial disruptions caused by its operational issues years ago.
This series of transactions underscores the ongoing complexities and scale of the rehabilitation efforts undertaken by Mt. Gox, highlighting a structured approach to returning funds to creditors and gradually concluding one of the most extended sagas in the cryptocurrency industry.
