The Mt. Gox rehabilitation trustee has continued to disburse Bitcoin assets to the company’s creditors. As of yesterday, the wallet connected to the trustee moved Bitcoin assets worth approximately $2.47 billion to an anonymous address.
Arkham, a blockchain data intelligence platform, disclosed yesterday that 32,371 units of Bitcoin have been moved to an anonymous wallet user at about 04:46 am UTC. The transferred funds were initially valued at $2.47 billion before the price of Bitcoin dropped by 1% in its initial value.
The trustee has sent some Bitcoin assets to different wallets belonging to different creditors on other exchanges for the past two weeks. The affected exchanges are Bitstamp and Kraken. Kraken exchanges have already received enough funds to distribute among creditors, while Bitstamp has yet to receive one; hence, it is still in progress.
Mt. Gox Transfers $657 Million Worth of Bitcoin to Bitstamp Wallet
In its official statement released on the 16th of July, Kraken announced that it had received Bitcoin and Bitcoin Cash valued at $3.1 billion from the rehabilitation trustee by the defunct Mt. Gox. It also said it will officially commence distribution within seven to fourteen days.
On the 23rd of July, creditors at Mt. Gox confirmed the announcement that Kraken Exchange had started its distribution process as announced. As of press time, Bitstamp has yet to collect the designated assets fully and commence distribution.
Mt. Gox says it has moved Bitcoin, valued at over $657 million, to a wallet linked to Bitstamp. However, another batch of $156 million was transferred yesterday. Analysis from Arkham revealed that Bitcoin assets worth $335 million were transferred to a Bitstamp address this morning.
Bitstamp management has announced that it will commence its repayment process after it has received the full funds from Mt. Gox. The recent record also shows that Mt. Gox transferred Bitcoin worth $2.85 billion to a new unidentified wallet address in preparation for another batch of distribution.
New Fear Emerges Over Creditor’s Intentions to Sell Assets
Kraken Exchange and Bitstamp Exchange are two of the five exchanges picked by the trustee for the repayment process. Other selected exchanges will be getting theirs in subsequent times. As of the time of the report, the wallet address belonging to Mt. Gox has 90,344 units of Bitcoin, valued at almost $5.99 billion (at the current market rate of $66,400).
The improvised sale of Bitcoin assets by many Mt. Gox creditors has spiked new doubt, fear, and uncertainty among industry experts. Mandy Williams, a market watchers have insisted that the proposed consumer behaviour is overrated, putting the percentage of holders willing to sell their assets at 20%.
On the other news, Mt. Gox creditors with an account on Kraken have expressed a new frustration that has compounded over time in the course of the repayment process. The victims complained that the company has yet to communicate to the affected parties the reason behind the disruption in the process.
Mt. Gox Creditors on Kreken Complain of Technical Glitches
The affected parties say they still need a confirmation receipt from Kraken. In contrast, another victim who posted two receipts on his X handle complained that some confirmation details from Mt. Gox were missing. This has created another trend of confusion in the repayment process. Some users have claimed to have yet to get the first batch of the Mt. Gox cash repayments process.
Both Mt. Gox and Kraken management have taken note of the recent complaint and have promised to look into it. Random comments from different sources say the large transfers are enough evidence that the company is sincere with the repayment program.
They affirmed that they are optimistic that the rest of the creditors will receive their Bitcoin payments soon. Meanwhile, Bitstamp announced on Monday morning that they had received 2,238 units of Bitcoin, valued at more than $147 million, and have yet to receive any complaint from any creditor concerning the process.