Mt. Gox, the defunct cryptocurrency exchange, has transferred $75.36 million worth of bitcoin to Bitstamp’s wallet, suggesting that a new payout to creditors could be imminent.
Blockchain data from Arkham revealed that 1,264.69 BTC was moved from Mt. Gox’s cold wallet to a Bitstamp wallet at around 8:49 a.m. UTC.
This transfer follows a massive movement of 12,000 BTC ($709.44 million) from another Mt. Gox wallet to an unidentified address the previous night, indicating ongoing preparations for creditor repayments. Additionally, a wallet that received over $2 billion in bitcoin from the collapsed exchange moved the bulk of those funds to a separate wallet a week earlier.
The transactions suggest that the long-awaited repayment to Mt. Gox creditors could be nearing completion. More than $9.4 billion worth of Bitcoin is owed to 127,000 Mt. Gox creditors who have been waiting for over 10 years to recover their funds.
Bitstamp is one of the centralized exchanges selected by the Mt. Gox trustee to handle bitcoin distributions to creditors. Other exchanges, such as Bitbank, Kraken, and SBI VC Trade, have already processed similar repayments.
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These exchanges are responsible for distributing the funds to creditors, who have been waiting since the 2014 security breach that led to the loss of at least 850,000 bitcoin.
In July, Kraken completed the distribution of all Bitcoin and Bitcoin Cash owed to Mt. Gox creditors, according to CEO Dave Ripley. Nevertheless, concerns among crypto investors about massive sell-offs have not materialized. Despite fears that the majority of creditors would sell their Bitcoin, Kraken’s trading volume suggests otherwise.
Meanwhile, Bitstamp announced it has received Bitcoin, Bitcoin Cash, and Ethereum from the Mt. Gox trustees. The exchange indicated that transfers could take up to a week for some creditors. UK customers will not be included in the first tranche of distributions but should expect to receive their funds within the next few months.
The movement of such a large sum of bitcoin signals that the resolution of the Mt. Gox saga, which has kept thousands of creditors in limbo for nearly a decade, may finally be within reach.
