Mt. Gox begins Test Transfers Prior to the Transfer of 80.5K Bitcoins

Mt. Gox, the bankrupt cryptocurrency exchange, is in the process of distributing its residual 80.5k Bitcoin holdings to investors and creditors. Bitcoin’s price is currently experiencing difficulty in surpassing the $70,000 threshold.

A Mt. Gox address designated 12Rgp transferred 0.02 BTC ($1,350) to an address beginning with 1Adb, as per Arkham Intelligence. On Tuesday, it also transferred 0.0001 BTC to an account that began with bc1q.

This suggests that Mt. Gox is conducting test transfers in anticipation of the relocation of the remaining 80,128 BTC, which are valued at $5.35b.

After a significant breach 10 years ago, the exchange went insolvent. It has until October to refund over 140,000 bitcoins to the victims of the incident.

Positive investor sentiment regarding prospective ether ETFs and the forthcoming US presidential election are expected to maintain relative stability in the crypto market, despite this significant event.

Mt. Gox has recently finalized the initial distribution of Bitcoin to creditors via Kraken and Bitstamp, two crypto exchanges. However, the majority of creditors who encountered withdrawal difficulties last week have since resolved them.

The exchange has recently completed a series of Bitcoin transfers totaling approximately $5.52 billion. After conducting preliminary test transactions, the exchange transferred Bitcoin valued at $2.85 billion to an undisclosed wallet.

It subsequently transferred an additional $2.47 billion from a cold storage wallet to an unknown address, in addition to internally redistributing a portion of its Bitcoin holdings between cold wallets.

Also Read: $98.3 million in net outflows were observed in US spot Ethereum ETFs