Defunct cryptocurrency exchange Mt. Gox is preparing to repay its creditors through the Bitstamp exchange, Cointelegraph reported, citing recent on-chain activities. The cryptocurrency exchange is said to have carried out test transactions that hint at impending large-scale refunds.

On-chain transactions

MT. Gox has been dormant since it collapsed a decade ago, but recent on-chain fund movements suggest that creditor repayment may be approaching. The first test transactions to the Bitstamp cold wallet were reported to have been flagged by blockchain intelligence firm Arkham Intelligence on July 22.

Amid the anticipation, crypto investors are speculating about potential downward pressure on Bitcoin's price. This step marks a major milestone for the 127,000 creditors owed more than $9.4 billion worth of Bitcoin.

As of July 17, more than 36% of the Bitcoin owed to creditors had been distributed. Addresses related to Mt. Gox currently holds more than 90,300 Bitcoin, worth $6.12 billion. While the exact timing of the refunds remains unclear, recent test transactions on Bitstamp suggest that final preparations are underway.

In June, the cryptocurrency exchange announced plans to begin repaying its users. The recovery trustee mentioned that refunds will be processed in Bitcoin and Bitcoin Cash starting this month. Refunds will be made through the selected exchanges and the payment order will be reported depending on the respective exchange.

According to a note from the exchange, the recovery trustee will begin the process of repaying its customers for their loss of 850,000 Bitcoin. The company mentioned that it has completed the exchange and confirmation of necessary information with certain cryptocurrency exchanges.

Bitstamp addresses:

3QVD5HvPJLbQhDsDdoDZtW9cwZG3mEFzRN
3CgKHXR17eh2xCj2RGnHJHTDjPpqaNDgyT
3QTCJEYBR7XFEwcpio7GJgqEpGruX33ojm
3DgJ7MPGS4fAb9aaGwtsPrVgoceM41aMu2

Track Mt. Gox on Arkham:

https://platform.arkhamintelligence.com/explorer/entity/mt-gox

#Write2Win #binance #MtGox #ETH #bitcoin $BTC