Two transactions have been made on multiple Mt Gox wallets in the past few hours ahead of a $9 billion Bitcoin redemption.
According to Arkham Intelligence, the transactions involved three wallets previously associated with a collapsed exchange. The largest movement was $24 worth of Bitcoin.
The last time Mt Gox funds were moved in a significant amount, the funds were primarily consolidated into three wallets. At one point, $24 was left in the wallet that was used as an intermediary. According to Arkham Label, over the past few hours, this small amount of bitcoin was transferred to the wallet, which then sent the funds to Bitbank’s hot wallet. The remaining bitcoin was transferred to a new wallet.
Bitbank is one of the exchanges that supports Mt Gox redemption. The redemption is not made directly to the Bitcoin holders. Instead, the custodian sends the funds to five exchanges: Kraken, Bitstamp, SBI VC Trade, Bitbank, and Bitgo. Each of these exchanges has stated that they will make the funds available to customers within a different time frame of up to 90 days.
However, it is unclear whether this was a test transaction to send a larger amount, as the small amount of bitcoin was not transferred from any major wallet to the exchange.
The trustee previously said repayments would begin in early July. The exact date when the funds would be sent to the exchange was not disclosed.
Bitcoin’s price fell more than $10,000 last month before Mt Gox funds were repaid to creditors. It is currently trading at $57,600, down 5% in the last 24 hours.
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Tim is the editor-in-chief of The Block. Before joining The Block, Tim was the news editor at Decrypt. He holds a BA in Philosophy from the University of York and studied news journalism at Press Association Training. Follow him on X @Timccopeland