Mt. Gox has completed 70% of the creditor repayments.
The remaining creditors have been asked to “wait for a while.”
Bitcoin crashed 3% in the last 24 hours and is trading at $64,000.
Bankrupt cryptocurrency exchange Mt. Gox has distributed digital assets to 17,000 “rehabilitation creditors” as of July 31st, marking another step in its long-awaited repayment process.
The distribution follows previous payments made on July 5, July 16, and July 24. However, with the repayments almost close to completion, the price of Bitcoin (BTC), crashed significantly.
Arkham Intelligence data reveals that Mt. Gox’s wallet currently holds $2 billion worth of Bitcoin, roughly 32,899 BTC. The defunct exchange has confirmed that these remaining tokens will be distributed to creditors at a later date, asking those who have not yet received their share to “wait for a while.”
The distribution of the remaining $2 billion in Bitcoin is contingent upon the validation of outstanding registered accounts and the conclusion of discussions between the Mt. Gox Trustee and partner crypto exchanges facilitating the repayments. Furthermore, the defunct platform will only initiate the remaining transfers once it deems it safe to do so, and after creditors have agreed to the “Agency Receipt Agreement by Designated Crypto Exchanges.”
The price of Bitcoin (BTC), the world’s largest cryptocurrency, is currently trading at $64,000 as per the data from CoinMarketCap, down almost 3% in the past 24 hours. Further, the trading volume of the digital asset rose 28.43% to $36.15 billion with a market cap of $1.27 trillion, confirming a surge in selling pressure.
The price crash followed the last of the current repayment schedule followed by Mt. Gox as pointed out by Arkham Intelligence in a post on social media platform X (previously known as Twitter). The bitcoins were transferred to BitGo, which is the last partner of the bankrupt crypto exchange for repayments.
UPDATE: MT. GOX MOVES $3.1B BTCLast night Mt. Gox addresses moved 33.96K BTC ($2.25B) to addresses we believe are most likely BitGo:bc1q26tsxc0ge7phvcr2kyczexqf5pcj8rk79cqk90h34c30dn9dskeq3gmw3fbc1q48a5tjhdjtkfv8zv6tj68767h8lgep9dpx0emrkx0yhhmum7wscs95ft36BitGo is the 5th… pic.twitter.com/XWNiZ2boAN
— Arkham (@ArkhamIntel) July 31, 2024
Over the past week, Bitcoin reached a high of $69.972 and then crashed after the US government moved the BTC that it was holding from the Silk Road darknet marketplace. According to Coinglass, over $227.09 million was liquidated from the crypto market due to the sudden price drop.
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