Crypto Exchange Mt. Gox Transfers $2.7B in Bitcoin
In its first major transaction since May, the bankrupt Japanese cryptocurrency exchange Mt. Gox transferred 47,229 Bitcoin – with a current value of $2.71 billion – to a new wallet address.
According to Arkham Intelligence, the exchange moved the Bitcoin out of cold storage at 12:30 am UTC on July 5.
This transaction comes as part of the exchange’s plan to repay creditors, with a total of $8.5 billion worth of Bitcoin expected to be paid back.
At 4:15 am UTC on July 5, Mt. Gox transferred 1,545 BTC to the hot wallet of Bitbank, one of the supporting crypto exchanges for the repayment process.
The exchange had previously announced all necessary steps were completed to begin issuing repayments in July, according to trustee Nobuaki Kobayashi’s statement on June 24.
