As part of a plan to return $9 billion in debt, the Mt. Gox Trustee sent $2.25 billion in Bitcoin to two BitGo addresses. The now-defunct cryptocurrency exchange used to send around $3 billion in BTC to Kraken and at least $335.8 million to Bitstamp. There were also moves to BitGo on July 31 by the Trustee.
At first, it was not clear where the funds went, but emails from the Trustee to users, which were shared on the subreddit “mtgoxinsolvency” and confirmed by Arkham Intelligence, showed that BitGo was the recipient. At the time of publication, users said that the funds had not yet shown up in their BitGo balances.
Bitcoin Price Fluctuations
When people heard about the moves to BitGo, Bitcoin briefly fell below $66,000, but it quickly rose back above $66,500. After a 10-year wait, BitGo is the fifth and final caretaker that has been given the job of collecting debts from creditors.
After several hacks between 2011 and 2014, more than 20,000 people have been waiting more than a decade to get their funds back.
After the Trustee sent BTC and other cryptocurrencies, such as Bitcoin Cash (BCH), to Kraken, Bitstamp, BitGo, and two other crypto companies, Mt. Gox had about 46,160 BTC, which is worth more than $3 billion. According to the data, the now-defunct trading platform has settled just over $5.5 billion in Bitcoin payments.
This means that the leftover $3 billion in Bitcoin could also be sent to creditors. Someone brought up an email that they thought came from the Trustee saying that 17,000 of the 20,000 creditors had been paid.
