Mt. Gox Test BTC Transfers Hint at More Settlements May Be on the Horizon

Following a long wait, the defunct crypto exchange Mt. Gox and its creditors are finally nearing the end of a decade-long ordeal

A portion of Mt. Gox creditors began receiving their long-awaited Bitcoin (BTC) payouts last week, thanks to crypto exchanges Kraken and Bitstamp.

The development comes as the bankrupt crypto exchange edges closer to completing a decade-long ordeal that started with a devastating hack in 2014.

As other exchange creditors continue to wait, recent on-chain activity from Mt. Gox suggests that more settlements may be on the horizon.

On Monday, July 29, at around 23:30 UTC, the wallet associated with the exchange made two seemingly test transfers of 0.02 BTC ($1,350) and 0.0001 BTC ($6.7) to two different addresses, respectively.

The transfers come days after Mt. Gox moved Bitcoins worth approximately $2.8 billion on July 24 to various wallet addresses, including a 5106 BTC ($320 million) payment to one belonging to crypto exchange Bitstamp.

The transaction preceded Bitstamp's distribution of funds to creditors the day after, raising hopes that the latest test transfers may signal imminent payouts for creditors still awaiting their funds.

Mt.Gox Creditors Await BitGo’s Payments

While crypto exchanges Kraken and Bitstamp have both confirmed the complete distribution of funds in the ongoing settlement to Mt. Gox creditors, many are still awaiting their payouts from BitGo, another exchange designated to facilitate payouts.

Several members of the Reddit group ‘mtgoxinsolvency’ have raised questions about the expected timeline of payments from BitGo, especially following celebratory posts by creditors who received their funds from the other exchanges.

However, it is important to note that the ongoing process appears to be occurring in succession, which may contribute to the ongoing delay.

At press time, the Mt.Gox BTC wallet had a total balance of 80,128 BTC, which is worth approximately $5.3 billion at current rates.

The above is the detailed content of Mt. Gox Test BTC Transfers Hint at More Settlements May Be on the Horizon. For more information, please follow other related articles on the PHP Chinese website!