Mt. Gox, the defunct cryptocurrency exchange, stirred the crypto market on July 23 by moving over 47,500 Bitcoin, valued at approximately $3.2 billion, to two unidentified addresses within a span of two hours.

According to data from Arkham Intelligence, Mt. Gox initially held 90,344 Bitcoin worth $6.02 billion. However, recent transactions have reduced their holdings to around 42,744 BTC, currently valued at $2.85 billion.

This significant movement follows a statement released on July 5, where Mt. Gox outlined plans to "promptly" repay creditors. The exchange appears to be making headway on these repayments.

The first transaction from the wallet labeled "Mt. Gox: Cold Wallet (1Jbez)" transferred 5,110 BTC, worth approximately $340 million, to an unknown wallet and the cryptocurrency exchange Bitstamp. Of this amount, 2,871 BTC, valued at around $191 million, was sent to an unknown address starting with 1JKMS, while the remaining $149 million went to Bitstamp. Earlier, 42,587 BTC, valued at $2.85 billion, was sent to another unknown address starting with 15yPU.

On July 22, preparations began for creditor repayments through Bitstamp. Arkham Intelligence noted that Mt. Gox addresses deposited $1 to four separate Bitstamp deposit addresses, with Bitstamp being one of five exchanges collaborating with the Mt. Gox Trustee.

Despite speculation from finance analyst Jacob King, who suggested that 99% of creditors would sell their coins immediately, a Reddit poll indicates otherwise.

The latest $3.2 billion shift brings the total amount moved since July 16 to over $12 billion. On July 16, Mt. Gox experienced significant outflows, moving over 140,000 BTC after two weeks of inactivity. In total, nearly 190,000 BTC, worth over $12 billion, has been moved as part of the ongoing repayment process.

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