Defunct crypto exchange Mt Gox recently transferred 44,527 Bitcoin (BTC) to a new wallet, signaling potential repayments to creditors affected by its 2014 hack. This move follows an earlier test transfer of 0.021 BTC and comes amid anticipation of creditor repayments.
On-chain data from Arkham Intelligence revealed these transactions, with the larger transfer amounting to approximately $2.84 billion. The exchange’s wallet currently holds 138,985 BTC worth $8.87 billion. Previous on-chain activity on July 4 showed similar large transfers, totaling 47,000 BTC.
The phased repayment plan aims to mitigate potential selling pressure, with some experts predicting that institutional investors might buy large quantities of Bitcoin as the market rebounds. This repayment strategy marks a significant milestone for Mt Gox, potentially restoring some investor confidence in the crypto market.
The systematic repayment process underscores Mt Gox’s commitment to rectifying past losses and stabilizing its financial obligations.
