Arkham Report: Mt Gox Wallets Send Bitcoin in Small Increments, Directing to Bitbank Exchange
Arkham Report: Several Mt Gox wallets were involved in transactions recently, amidst preparations for the pending repayment of $9 billion in Bitcoin. According to Arkham Intelligence, three wallets linked to the collapsed exchange were active. The largest transaction amounted to $24 worth of Bitcoin.
Mt Gox: Recent Bitcoin Transfers and Fund Consolidation
Previously, Mt Gox funds were consolidated into three main wallets. This recent activity involved transferring a small amount of Bitcoin, $24, from an intermediary wallet to Bitbank’s hot wallet, as labeled by Arkham Intelligence. The remainder was moved to a new wallet.
Bitcoin suffers fifth largest realized loss since FTX collapse amid Mt. Gox
Bitbank is among the exchanges designated to facilitate Mt Gox repayments, which are not directly distributed to Bitcoin holders. Instead, the trustee is dispersing funds to Kraken, Bitstamp, SBI VC Trade, Bitbank, and Bitgo. Each exchange has committed to making funds accessible to their users within up to 90 days upon receipt. The purpose behind the recent small Bitcoin transfer remains unclear; it may signal preparations for larger transactions ahead.
The trustee has indicated that repayments will commence in early July, although specific dates for fund distribution to exchanges have not been disclosed.
In anticipation of Mt Gox repayments, Bitcoin prices have declined by over $10,000 in the past month, currently trading at approximately $57,600, down 5% in the last 24 hours.
FAQ
What is Mt Gox and why is it significant?
Mt Gox was a Japan-based Bitcoin exchange that filed for bankruptcy in 2014. Its collapse marked one of the largest Bitcoin thefts at the time and had a profound impact on the Bitcoin community. The ongoing bankruptcy proceedings continue to resonate within the cryptocurrency sphere today.
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