A number of Mt Gox wallets were involved in two transactions over the last few hours ahead of the pending repayments of $9 billion of bitcoin.
The transactions involved three wallets previously associated with the collapsed exchange, according to Arkham Intelligence. The largest movement was for $24 of bitcoin.
When the Mt Gox funds were last moved with significant size, the funds were predominantly consolidated in three wallets. When this happened, there was $24 left in a wallet that was used as an intermediary at one point. In the last few hours, this small amount of bitcoin was forwarded on to a wallet that then sent funds to Bitbank's hot wallet, according to Arkham labeling. The rest of the bitcoin was sent to a new wallet.
Bitbank is one of the exchanges listed for supporting Mt Gox repayments. The repayments are not being made directly to bitcoin holders. Instead, the trustee is sending funds to five exchanges, namely Kraken, Bitstamp, SBI VC Trade, Bitbank and Bitgo. Each of these exchanges have said they will make the funds accessible to their customers within varying periods of up to 90 days once they are received.
However, since the small amount of bitcoin was not sent from any of the main wallets to the exchange, it's unclear whether this was a test transaction for sending larger amounts.
The trustee previously said the repayments will start being made from the beginning of July. The exact dates for the funds to be sent to the exchanges is not publicly known.
Ahead of the Mt Gox funds being repaid to creditors, the bitcoin price has dropped over $10,000 in the last month. It's currently trading around $57,600, down 5% in the last 24 hours.
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Tim is the Editor-In-Chief of The Block. Prior to joining The Block, Tim was a news editor at Decrypt. He has earned a bachelor's degree in philosophy from the University of York and studied news journalism at Press Association Training. Follow him on X @Timccopeland.
