Recent onchain fund moves show that Mt. Gox is getting ready to pay back its debts through the Bitstamp cryptocurrency exchange. In the first test transactions to Bitstamp cold wallets, the address tied to Mt. Gox sent funds.
This was found by the blockchain intelligence company Arkham Intelligence in a post on X on July 22. Mt. Gox owes more than $9.4 billion in Bitcoin to about 127,000 creditors who have been waiting for the funds for more than ten years.
Bitstamp Prepares For Repayments
Some crypto investors are concerned that the returns could cause a lot of people to sell their coins, which could have an effect on the price of Bitcoin. Since Bitcoin’s value has gone up 8,500% since Mt. Gox went down, many creditors may want to sell their shares.
There are worries about possible sell-offs, but a Reddit poll shows that 56% of Mt. Gox creditors plan to keep their Bitcoin, while only 20% say they want to sell.
As of July 17, more than 36% of the Bitcoin that was owed to borrowers had already been given out. Even though there might be more pressure to sell, significant Bitcoin users called “whales” are still buying. One of these “whales” bought 245 BTC on July 17, which is worth almost $16 million. They had made over $30 million from deals in the previous year.
Arkham Intelligence data shows that the Mt. Gox wallet, which is clearly marked as such, holds more than 90,300 BTC worth $6.12 billion at the moment. The exact date for Mt. Gox’s repayments is still unknown, but the recent test transactions show that Bitstamp is making the last preparations for creditor repayments.
