Overnight, Arkham identified a movement of over 47,000 bitcoins (BTC) made by Mt. Gox. Debtors to the platform confirmed this morning that this marked the start of repayments. Here are the details.
Mt. Gox Moves Over 47,000 BTC to Begin Refunds
Last night, Arkham's on-chain analysis specialists noted a curious movement in bitcoins (BTC) held by the infamous Mt. Gox platform. Indeed, around 2:30 a.m., More than 47,000 BTC were movedor no less than 2.7 billion dollars at the time of the events:
BREAKING
Mt Gox moves 47,228 BTC ($2.71 billion dollars) from cold storage to a new wallet. pic.twitter.com/3ZdSlC1IX2
— Arkham (@ArkhamIntel) July 5, 2024
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As cryptocurrency prices fell sharply overnight, this large transfer could likely be the reason. And for good reason, if the assets in question were not sold by Mt. Gox, this could have been interpreted as a signal of imminent reimbursement by the market, and therefore as a future decline, assuming that the platform's former customers wish to sell their BTC once they have received them.
Of the more than 47,000 BTC moved, More than 44,500 are still at an address from which they have not moved. since last night. However, on-chain data shows that 2,700 of them were moved from address to address in multiple batches following this move:
BTC movement initiated by Mt. Gox
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In a statement this morning, Platform debtors confirmed that repayments began today for certain eligible creditors, thus justifying the movements observed.
This announcement is corroborated by a movement of at least 1,544.6 BTC, which were sent to the Japanese cryptocurrency exchange Bitbank. Along with Kraken, Bitstamp, SBI VC Trade, and Bitgo, Bitbank is indeed one of the 5 platforms mandated to reimburse Mt. Gox customers.
While the debtors had promised last June that the said reimbursements would begin at the beginning of this month of July, the aggrieved customers who have been waiting since 2014 can finally receive compensation. After 10 years of promises and twists and turns, the rest of the compensation should take place in the following days.
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Sources: Mempool.space, Press release
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