Mt. Gox, the defunct cryptocurrency exchange, recently executed a significant transaction involving over $2 billion worth of Bitcoin.
The transfer of 33,105 BTC to a new address, identified as “bc1q26,” was conducted late Tuesday and was flagged by blockchain analysis firm Arkham Intelligence.
This move is part of the exchange’s long-awaited process to distribute approximately $9 billion in BTC assets to creditors affected by the 2014 hack.
Since resuming its redistribution efforts in early July, Mt. Gox has transferred billions of dollars’ worth of Bitcoin to various exchanges, including Bitstamp, Kraken, Bitbank, and SBI VC Trade.
Bitstamp announced it would begin redistributing these funds to creditors by July 25.
As of July 24, Mt. Gox’s trustee revealed that repayments have been made to over 17,000 creditors in Bitcoin and Bitcoin Cash on July 5, 16, and 24. Despite these large-scale transactions, Bitcoin’s price has remained relatively stable.
As of the report, Bitcoin is priced at $65,947, a 0.8% decrease in the past 24 hours, with a range between $64,022 and $66,970. It remains down 10.8% from its all-time high of $73,737 achieved in March.
The impact of these redistribution efforts on Bitcoin’s price has been limited, partly due to the behavior of long-term holders among Mt. Gox creditors, which has helped mitigate potential selling pressure.
Mt. Gox, once the largest Bitcoin exchange before its 2014 hack, still holds over 80,000 BTC worth approximately $5.26 billion.