Mt. Gox sent more than 47,600 Bitcoin worth nearly $3.2 billion to two addresses on July 23, starting around 9:00 a.m. until past 10:00 a.m. GST, data from blockchain analytics firm Arkham Intelligence shows.

The significant 42587.49 BTC, worth $2.85 billion, was sent to an address starting with 15yPU. Hours after, a Mt. Gox wallet, labeled “Mt. Gox: Cold Wallet (1Jbez),” transferred 5,110 BTC worth roughly $340 million to an unknown wallet and crypto exchange Bitstamp.

Some 56% (2,871 BTC) of those crypto assets went to an address beginning with 1JKMS. The remaining 2,239 BTC, worth around $149 million, were deposited into Bitstamp.

This comes a day after Arkham flagged a test transaction between a Mt. Gox address to some Bitstamp cold wallets on July 22, suggesting that the defunct exchange is preparing to repay creditors through the latter.

“Mt. Gox addresses deposited $1 to 4 separate Bitstamp deposit addresses. Bitstamp is 1 of 5 exchanges working with the Mt. Gox Trustee to facilitate creditor repayments [...] These transfers are likely to represent test transactions.”

Mt. Gox owes more than $9.4 billion worth of Bitcoin to roughly 127,000 creditors, who have been awaiting repayment for over a decade.

Since July 16, Mt. Gox has offloaded over $12 billion worth of Bitcoin (BTC) to its creditors. The defunct exchange initiated this massive repayment process with a significant outflow of over 140,000 BTC after two weeks of inactivity. This move contributed to a massive volume of nearly 190,000 BTC transferred within just three hours.

Read more: Mt. Gox creditors choose to hold Bitcoin: Reddit poll