Mt. Gox Repayment Plan: Transferring $3.2 Billion in Bitcoin
Mt. Gox, the infamous cryptocurrency exchange, has recently made a significant move by transferring 47,500 Bitcoins worth $3.2 billion to two unidentified wallets. The transfers took place at 5:05 AM and 6:27 AM UTC as part of their repayment plan to creditors.
Arkham Intelligence Data Reveals Bitcoin Movements
According to Arkham Intelligence data, Mt. Gox currently holds 90,344 Bitcoins, which is equivalent to $6.02 billion. However, their recent Bitcoin holdings stand at 42,744, worth $2.85 billion. Another 47,500 Bitcoins were transferred to two unknown wallets, signaling progress in their repayment efforts.
Utilizing Bitstamp for Creditors’ Repayment
Mt. Gox has been using Bitstamp, among other exchanges, to transfer funds back to creditors. Recently, on July 22nd, the Mt. Gox address sent funds to four different Bitstamp deposit addresses, a step towards fulfilling their repayment obligations.
Despite initial concerns that creditors might immediately sell their received tokens, a Reddit poll suggests otherwise, indicating a more patient approach. The recent $3.2 billion transfer brings the total reductions in creditor holdings to over $12 billion since July 16, showcasing Mt. Gox’s commitment to settling their debts.
Overall, Mt. Gox’s strategic movements in Bitcoin transfers highlight their dedication to repaying creditors and restoring trust in the cryptocurrency community. This recent development signifies a positive step forward in the ongoing saga of the Mt. Gox exchange.
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