Mt. Gox Estate Shifts $2.2 Billion to New Wallet as Bitcoin Wobbles – Decrypt

The Mt. Gox estate, overseeing billions of dollars in creditors’ funds, has transferred a hefty sum of Bitcoin to an unidentified wallet as final preparations to resolve a decade-long hack get underway.

On Tuesday, the estate moved roughly 33,964 BTC, worth $2.25 billion, data from blockchain analytics firm Arkham Intelligence shows.

A further $3.1 billion in Bitcoin has also moved between two cold wallets held by the estate. Bitcoin remains little changed over the last 24-hours.

Last week, several exchanges, including Kraken, said they had already finalized the return of funds to creditors.

Kraken, as part of efforts to make Mt. Gox users whole, became one of five tasked with returning customer funds to some of the 127,000 creditors affected by the former exchange’s 2014 collapse.

Also, last week, the trustee overseeing the estate said it had so far completed repayments in Bitcoin and Bitcoin Cash via “designated cryptocurrency exchanges” to over 17,000 creditors, according to a statement.

Repayments to outstanding creditors will be made after confirming the validity of registered accounts and accepting the intention to subscribe to a distribution agreement by designated crypto exchanges.

Those exchanges initially tasked by the Mt. Gox estate with returning stolen funds to former customers include Bitstamp, SBI VC Trade, Bitbank, and Coincheck.

Bitstamp, SBI VC Trade, and Bitbank told Decrypt last week they, too, had completed the return of user funds. Coincheck did not immediately return a request for comment.

Mt. Gox’s main wallet still holds roughly 80 BTC valued at $5.3 billion, data shows. It’s unclear whether it has shuffled assets in preparation for liquidation via an exchange.

Arkham and the Mt. Gox trustee have yet to return a request for comment.

It follows similar transfers last week, where Mt. Gox shifted $2.8 billion into a separate and fresh wallet amid a sagging Bitcoin price.

Bitcoin has dropped back toward its $66,000 price tag, beginning Monday, where the asset has shed 3% of its value since the beginning of the week.

The world’s largest crypto is trading for around $66,160, CoinGecko data shows.

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• Source: https://decrypt.co/242498/mt-gox-estate-shifts-2-2-billion-to-new-wallet-as-bitcoin-wobbles