Mt. Gox Continues Bitcoin Dump, Bitstamp Takes a Hit

After transferring 42,587 BTC on July 23rd, Mt. Gox continued to move 37,477 BTC to a new wallet address, along with $130 million worth of BTC directly to the Bitstamp exchange.

On the morning of July 24th (UTC), a Bitstamp representative confirmed that they had received the funds from Mt. Gox and would begin the reimbursement process for customers starting Thursday, August 1st.

According to on-chain data from Arkham, Mt. Gox transferred 37,477 Bitcoin (approximately $2.5 billion) to a new wallet address “12Gws9E” at 04:53 AM on July 24th (UTC). Subsequently, Mt. Gox moved another $300 million in Bitcoin to a cold wallet and then transferred $130 million to the Bitstamp exchange.

This action occurred less than 24 hours after Mt. Gox transferred $2.85 billion in Bitcoin to various wallets on July 23rd, with $340 million of that amount sent to four wallets linked to Bitstamp, one of the platforms chosen as a distribution intermediary.

Transaction transfers 130 million USD in Bitcoin to Bitstamp

Data from CryptoQuant revealed that, to date, up to 66.6% of the Bitcoin has been returned to Mt. Gox creditors, meaning approximately 33.4%, equivalent to around $5.6 billion, has yet to be reimbursed.

Mt. Gox announced a plan to repay nearly $9 billion in Bitcoin to approximately 127,000 creditors on July 5th. Some customers have waited over 10 years to recover their funds after the exchange collapsed in 2014.

Bitcoin Price Volatility

Following this news, Bitcoin experienced a dump from $65,500 to its current price of $64,000.