Mt. Gox Wraps Up $2B Bitcoin Payouts

Mt. Gox has transferred $2.25B in Bitcoin as its payback plan nears completion. The exchange now holds 32,899 BTC worth $2.11 billion, down 76.5% since 2014.

The now-defunct Japanese Bitcoin exchange Mt. Gox has done another huge BTC move, sending more than $2 billion worth of BTC to crypto wallet addresses. The exchange’s payback plan is almost over, meaning it will have much less money to give out than before.

More than 33,000 BTC have been moved to Mt. Gox.

Arkham Intelligence, an AI-powered blockchain analytics tool, recently wrote on X (formerly Twitter) that it had found a new large Bitcoin transfer made by Mt. Gox. Arkham’s sources say that on July 31, the now-defunct Bitcoin exchange moved a huge 33,960 BTC worth $2.25 billion.

The blockchain platform showed that Mt.Gox’s huge Bitcoin move was likely sent to addresses that are thought to belong to BitGo, a company that trusts and protects digital assets. Arkham has shown that BitGo is the fifth and final custodian working directly with Mt.Gox to help customers get their money back.

After moving 33,960 Bitcoin, Mt. Gox now has more than 32,899 Bitcoin worth more than $2.11 billion. This number comes from the price of Bitcoin, which, at the time of this writing, was $64,622 on CoinMarketCap.

Mt. Gox said earlier in June that it would start giving back Bitcoin and Bitcoin Cash (BCH) to borrowers who lost money in the 2014 hacking of the exchange. During the hack, many Bitcoins were stolen from Mt. Gox users and the company. The stolen BTC was worth about $450 million, a significant loss for the company.

About 141,686 BTC worth of Bitcoin have been returned to Mt. Gox since the hack. However, after several big BTC transfers, the exchange’s BTC distribution holdings have dropped dramatically, showing a 76.5% drop from the original amount.

Lookonchain, a tool for analyzing blockchains, also said that Mt.Gox started a massive Bitcoin transfer on July 31. The cryptocurrency exchange said that Mt.Gox had sent a unique 47,229 BTC, about $3.13 billion, to three unknown bank addresses.

Lookonchain also said that Mt. Gox had sent 61,559 BTC worth about $3.89 billion to different cryptocurrency platforms since July 5. These exchanges included Bitstamp, Kraken, Bitbank, and SBI VC Trade. This ends Mt. Gox’s plans to return its Bitcoin debt. It has less than half of the money it needs left.

Over 17,000 creditors are paid back in Bitcoin by Mt. Gox.

The rehabilitation manager for Mt.Gox, Nobuaki Kobayashi, said in a statement released on July 24 that the Bitcoin exchange had successfully paid back over 17,000 creditors in Bitcoin and Bitcoin cash. The statement said that after the payments on July 5 and 16, Mt. Gox’s rehabilitation manager paid back different creditors on July 24 using official cryptocurrency exchanges.

Kobayashi also said that more payments would be made immediately once the conditions for Mt.Gox debtors’ redistribution have been met. The Trustee has asked the remaining qualified rehabilitation creditors to be patient while they wait to be paid back.