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Mt. Gox Accelerates Payouts with $2.82 Billion Bitcoin Transfer

Mt. Gox Transfers $152M in Bitcoin, Ignites Market Shift

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  • Mt. Gox initiates $152M Bitcoin transfer as creditor payouts start.
  • Over 36,000 BTC, valued at $3.84B, remains for distribution.
  • Bitcoin market shows resilience despite Mt. Gox’s large transfers.

Mt. Gox has begun transferring Bitcoin as part of its creditor repayment plan, with $152M moved so far. The exchange still holds over 36,000 BTC worth $3.84B left for distribution. This distribution signals upcoming changes in the market.

Mt. Gox Moves $152M in Bitcoin as Creditors Payouts Begin

Mt. Gox has started the long-awaited process of repaying its creditors by moving significant amounts of Bitcoin. The exchange transferred 1,428 BTC worth $152 million, to a new different wallet address as part of its restructuring initiatives. The defunct crypto exchange also  transferred 191.678 BTC worth about $20.42 million to a different wallet address according to on-chain data.

This transfer is a significant development that could close the Mt.Gox case which has lasted for nearly a decade. The repayment process is expected to accelerate and more Bitcoin is expected to be transferred to creditors in the coming months.

Over 36,000 BTC, worth $3.84B, held for distribution

Currently, Mt. Gox holds 36,085 BTC, which is worth around $3.84 billion. These assets will be paid to creditors who have waited for years to be compensated for the losses they incurred after the exchange was shut down.

The repayment process is expected to be completed by October 2025 and Bitcoin will be transferred through various cryptocurrency exchanges. This payout marks the end of the long restructuring process for the defunct exchange.

Bitcoin market shows resilience despite Mt. Gox’s large transfers

However, the market seems to have stabilized in the last few days despite the large Bitcoin transfers associated with Mt. Gox. Bitcoin price has increased by more than 2% higher within 24 hours of December 17. This has enabled Bitcoin to maintain its strong market position.

This market performance suggests that investors believe in the long-term potential of Bitcoin. However, as the distribution continues there could be some price fluctuations especially in the altcoin market which is much more sensitive to market changes. Historically, the distribution of Bitcoin by Mt.Gox has influenced a short-term decline in market prices.