In the latest developments surrounding the Mt Gox bankruptcy case, several wallets previously associated with the collapsed exchange have been observed making small bitcoin transactions, including one to Bitbank, one of the designated exchanges for repayment to creditors.
Small Transactions Observed
According to Arkham Intelligence, three wallets linked to Mt Gox were involved in two transactions over the last few hours. The largest movement was for just $24 worth of bitcoin. One of the transactions sent a small amount of funds to Bitbank, an exchange that has been designated as a recipient for the $9 billion in bitcoin repayments to Mt Gox creditors.
“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.”
Repayment Process and Exchanges Involved
The repayments to Mt Gox creditors are not being made directly to individual bitcoin holders. Instead, the trustee is sending the funds to five designated exchanges: Kraken, Bitstamp, SBI VC Trade, Bitbank, and Bitgo. These exchanges will then make the funds accessible to their customers within varying periods of up to 90 days once the funds are received.
Potential Test Transaction?
Given that the small amount of bitcoin was not sent from any of the main Mt Gox wallets to the exchange, it’s unclear whether this transaction was a test for sending larger amounts in the future. The trustee had previously stated that the repayments would start from the beginning of July, but the exact dates for the funds to be sent to the exchanges are not publicly known.
Market Impact
Ahead of the Mt Gox funds being repaid to creditors, the bitcoin price has dropped over $10,000 in the last month and is currently trading around $57,600, down 5% in the last 24 hours.
