The main culprit for Bitcoin’s recent price collapse, Mt. Gox will transfer Bitcoin worth $2.2 billion in preparation for final repayment

The Mt. Gox estate, responsible for managing creditors' funds following the infamous hack, recently transferred approximately 33,964 BTC, equivalent to $2.25 billion, to an unknown wallet. This transaction marks a significant step in resolving the decade-long case.

Final repayment is being prepared

In addition to the main transfer, another $3.1 billion in Bitcoin was moved between two cold wallets owned by the estate. These actions come as the estate prepares to settle with creditors affected by the exchange's 2014 collapse.

Repayment Efforts

Last week, exchanges such as Kraken announced they had completed returning funds to creditors. Kraken, along with Bitstamp, SBI VC Trade, Bitbank, and Coincheck, has been instrumental in repaying some of the 127,000 affected creditors.

According to the trustee overseeing the process, over 17,000 creditors have received repayments in Bitcoin and Bitcoin Cash via designated exchanges. The remaining creditors will be paid once their accounts are validated and they agree to a distribution arrangement.

Bitcoin prices have fluctuated greatly recently

Mt. Gox's primary wallet still contains approximately 8,000 BTC, valued at around $5.3 billion. It remains unclear if these assets will be liquidated through an exchange. Recent Bitcoin transactions by the estate coincide with a slight decline in Bitcoin's price, currently trading around $66,080.