t has been more than eight years since Mt. Gox faced a hack that led to its collapse as one of the biggest crypto exchanges at that time. Since then efforts have been ongoing to compensate creditors who suffered losses in the hack.
In an update, a small amount of Bitcoin was sent from Mt. Gox’s trustee to Bitstamp exchange as part of this process.
Bitcoin Transfers from Mt. Gox to Bitstamp
On July 22nd, data from Arkham Intel revealed transactions of 0.02 BTC each from addresses linked with Mt. Gox exchange towards four deposit addresses at fellow exchange - Bitstamp.
The transactions valued at approximately $1,400 each based on prices are believed to be test transfers from the Mt. Gox trustee to Bitstamp in preparation for repayments. Bitstamp, alongside partner exchanges involved in the court-mandated process, is starting to see the movement of funds as a sign that distribution preparations are underway.
Remaining Mt. Gox Bitcoin Reserves
Data indicates that Mt. Gox still holds 90,000 BTC or approximately $6 billion in value within its cold storage addresses. The trustee's decisions regarding this amount will be closely monitored for insights into how and when these assets will be returned to their owners.
Recently, Kraken confirmed receiving BTC and BCH (Bitcoin Cash) from Mt. Gox. with plans to credit user accounts within two weeks. These developments hint at a conclusion to the prolonged proceedings.
Potential Market Impact
Some members of the crypto community have expressed concerns about short-term price impacts from such transactions by the trustee. On the other hand, some view this process as bringing the needed closure after years of uncertainty.
Importantly, when all the Mt. Gox funds are finally distributed it will help lift the burden on the ecosystem. Those who lost access back in 2014 can now find some hope in this initiative that may help recover a portion of their assets.
