Mt. Gox transfers $3.2 billion in Bitcoin with $150 million to Bitstamp

Key Takeaways

• Mt Gox moved around $3.2 billion in Bitcoin on Tuesday.
• The transfer is part of a $9 billion repayment plan to creditors.

A wallet linked to the now-defunct crypto exchange Mt. Gox transferred $3.2 billion worth of Bitcoin early Tuesday, including 42,587 Bitcoin (BTC), valued at $2.8 billion, to an unidentified address, and almost $150 million in Bitcoin to Bitstamp’s wallet, according to data from Arkham Intelligence.

These transactions could be part of an ongoing process to repay $9 billion in Bitcoin to creditors, which was confirmed earlier this month. Mt. Gox’s latest wallet activities follow a number of small Bitcoin transfers made yesterday, including one linked to Bitstamp . Those were believed to be test transactions before major distributions.

Bitstamp is one of the designated exchanges to handle Mt. Gox’s repayments. Other exchanges like Kraken have also received their shares , with Bitbank and SBI VC Trade reportedly distributing the funds to creditors shortly after receipt.

At the time of reporting, Mt. Gox’s Bitcoin holdings are valued at over $6 billion.

The recent transfer led to a sudden drop in Bitcoin’s price, which fell below $66,500 after hitting a high of $68,200 earlier today, CoinGecko’s data shows.