Mt. Gox activates Bitcoin wallets, makes small transfers to chosen exchange for repayments -

Mt. Gox activates Bitcoin wallets, makes small transfers to chosen exchange for repayments

Jul 04, 2024Jeremy ParkinsonCryptocurrency, No picture0

Key Takeaways

Small bitcoin transactions from Mt. Gox wallets are believed to be part of preparations for a $9 billion repayment plan.
Funds from these transactions are directed to exchanges like Kraken and Bitbank, which will facilitate access for their clients.

A few wallets linked to Mt. Gox transferred a small amount of Bitcoin earlier today, according to data from Arkham Intelligence. A portion of the Bitcoin stash was indirectly sent to a wallet labeled by Arkham belonging to Bitbank, one of the exchanges chosen to handle Mt. Gox creditor repayments.

Mt. Gox wallets engaged in small Bitcoin transactions

Arkham Intelligence reports that these transactions included three wallets associated with the now-defunct exchange, with the largest transaction being around $24. The transfer is allegedly a test transaction ahead of massive customer repayments planned for this month.

In addition to Bitbank, Mt. Gox reportedly sent part of the Bitcoin amount to an unidentified wallet. The purpose of this transfer is unclear.The latest movements come as Mt. Gox’s trustee gears up to begin repayments in July. The repayments won’t go directly to clients. Instead, they’ll be sent to several exchanges such as Kraken, Bitstamp, and Bitbank which will then distribute the funds to the customers (Mt. Gox creditors).The repayment process can take up to 90 days. The specific schedule for these disbursements remains unannounced.