The rehab trustee of now-defunct Mt. Gox exchange moved more than $6 billion worth of bitcoin Tuesday morning as it took further steps toward repaying creditors.
Latest News: Mt. Gox Moves 95,870 #Bitcoin Worth $6 billion to unknown addresses 👀 pic.twitter.com/duCIiVPcsK
— Bitcoin Magazine (@BitcoinMagazine) July 16, 2024
Data on Chain The data shows that the Mt. Gox wallet moved around 95,870 BTC via two transactions to newly created addresses. The first transfer of 47,000 BTC was worth nearly $3 billion.
The destination wallets remain anonymous but are believed to be linked to an ongoing repayment process for Mt. Gox. The exchange owes creditors a total of $9 billion, stemming from the bitcoin lost in the infamous Mt. Gox hack in 2014.
Saturday’s massive transactions follow smaller test transfers last week as Mt. Gox prepares to distribute the funds. Analysts fear the payments could weigh on the price of bitcoin if creditors liquidate their holdings immediately.
So far, the transfers have coincided with declines below $64,000, with markets reacting cautiously. But expectations remain that most creditors will hold onto the recovered coins rather than rush to sell them.
While the long-awaited compensation from Mt. Gox may be upsetting to traders, it will close one of the most notorious episodes in the Bitcoin industry. Tens of thousands of early adopters lost their assets when the leading exchange collapsed.
More than eight years later, creditors will finally be able to recoup some of those early losses. This story underscores Bitcoin’s resilience and the community’s commitment to responsible custody and transparent transactions.
to update:
Cryptocurrency exchange Kraken has confirmed that it has received the Mt. Gox creditor funds, according to an email sent to Mt. Gox creditors. “We have successfully received the creditor funds (BTC and BCH) from the Mt. Gox trustee,” Kraken wrote in the email.
“While we will work to distribute funds as quickly as possible, please expect 7-14 days for the funds to be deposited into your account. The custodian has determined the amount you will receive, and we will distribute it according to their instructions.” Bitcoin Magazine later confirmed Kraken’s email via a source.
