Mt.Gox payouts: New Bitcoin moves worth billions

The Mt.Gox administrator has moved more than 42,000 Bitcoin worth $2.85 billion. What does this mean for the BTC exchange rate?

The Mt.Gox administrator is preparing to pay creditors of the crypto exchange, which collapsed a decade ago, soon in Bitcoin compensate via Bitstamp. This is evidenced by recent on-chain moves.

According to Arkham Intelligence Mt.Gox wallet addresses have already transferred about 0.02 Bitcoin to eight different deposit addresses of the crypto exchange Bitstamp yesterday. This was apparently just the beginning. "Bitstamp is one of five crypto exchanges working with the Mt.Gox administrator to facilitate the repayment of creditors. These transfers are likely test transactions," it reads in the X post.

From the latest data shows that a first larger Bitcoin transaction took place this morning as part of the Mt.Gox offsets: 42,587 BTC worth $2.85 billion was moved to the unknown address "15yPUCW9....pk8rvwe." Many crypto investors are worried about the possible selling wave that could be caused by Mt.Gox's refunds. This could put renewed pressure on the Bitcoin price.

Meanwhile, the main cryptocurrency is trading at $66,590, down 1.43% in the past 24 hours. Compared to last week, however, Bitcoin is still 4.5% in the plus.

Mt.Gox filed for bankruptcy in early 2014 after 850,000 Bitcoin were lost due to a security breach. Last year, authorities secured 142,000 Bitcoin and began the compensation of creditors.