According to on-chain data tracker Yu Jin, the bankrupt exchange Mt.Gox moved 116.3 bitcoins (worth approximately $8.25 million) from its cold wallet to a hot wallet roughly two hours ago. Shortly afterward, the hot wallet address initiated a tiny test transfer of 0.000017 BTC to the Bitstamp exchange. Test transactions are routinely used to verify that the on-chain path is working before larger funds are sent.
Judging by Mt.Gox’s historical behavior, transfers from the cold wallet to the hot wallet are typically followed by a formal deposit into Bitstamp. Consequently, these 116.3 BTC are very likely to be routed to Bitstamp in the near term.
On-chain data shows that Mt.Gox still controls 34,500 BTC, valued at roughly $2.39 billion. These coins are part of the repayment plan for creditors in the long-running bankruptcy rehabilitation process. Any on-chain movement from the dormant exchange draws close attention from market participants, and a series of similar allocations to designated exchanges has been observed earlier this year as the distribution effort continues.