The Mt. Gox cryptocurrency exchange is preparing to distribute the remaining 80,500 Bitcoin to creditors and investors. This comes as the price of Bitcoin struggles to exceed $70,000.
According to Arkham Intelligence, a Mt. Gox address marked as 12Rgp moved 0.02 BTC ($1,350) to an address starting with 1Adb. On Tuesday, he also moved 0.0001 BTC to another address starting with bc1q.
This means that Mt. Gox is conducting test transfers before moving the remaining 80,128 BTC worth $5.35 billion in their possession. The exchange, which went bankrupt after a major hack 10 years ago, has until October to return more than 140,000 bitcoin to the victims of the incident.
Despite this significant event, the cryptocurrency market is expected to remain relatively stable due to positive investor sentiment towards potential ether ETFs and the upcoming US presidential election.
Mt. Gox ends initial bitcoin payments to creditors via Kraken and Bitstamp
Mt. Gox recently ended initial Bitcoin distributions to creditors via cryptocurrency exchanges Kraken and Bitstamp. Although some creditors encountered difficulties with withdrawals last week, these problems have been largely resolved.
The exchanges recently executed a series of Bitcoin transfers with a total value of about $5.52 billion . After conducting initial test transactions, the exchange transferred $2.85 billion worth of Bitcoins to an undisclosed wallet. It then transferred another $2.47 billion from the cold storage wallet to an unknown address, while internally transferring some of its Bitcoin holdings between cold wallets.
