The rehabilitation manager for the now defunct Mountain Gox The exchange moved $6 billion worth of bitcoin on Tuesday morning, taking further steps to repay creditors.
JUST IN: Mt. Gox Moves 95,870 #Bitcoin worth $6 billion to unknown addresses đź‘€ photo.twitter.com/duCIiVPcsK
— Bitcoin Magazine (@BitcoinMagazine) July 16, 2024
Data on the chain shows that Mt. Gox’s wallet transferred approximately 95,870 BTC to newly created addresses over two transactions. The first move of 47,000 bitcoin was valued at nearly $3 billion.
The destination wallets have not yet been identified, but are believed to be linked to Mt. Gox’s ongoing debt recovery process. The exchange owes creditors a total of $9 billion from Bitcoin lost in the infamous Mt. Gox hack in 2014.
Saturday’s large transactions follow the first smaller test transfers last week, as Mt. Gox prepared to distribute funds. Analysts feared the payouts could weigh heavily The price of Bitcoin if creditors immediately liquidate the assets.
So far, the transfers have coincided with dips below $64,000 as markets reacted cautiously. But expectations remain that most creditors will hold on to the recovered coins rather than sell them.
While nerve-wracking for traders, the long-awaited Mt. Gox fee will close the book on one of the Bitcoin industry’s most infamous episodes, when tens of thousands of early adopters lost assets when the groundbreaking exchange crashed.
More than eight years later, creditors will finally recoup some of those early losses. The saga underscores Bitcoin’s resilience and the community’s commitment to responsible custody and transparent transactions.
UPDATE:
Bitcoin and cryptocurrency exchange Kraken confirmed that it received Mt. Gox creditor funds, according to emails sent to Mt. Gox creditors. “We have successfully received creditor funds (BTC and BCH) from the Mt. Gox Trustee,” Kraken wrote in the email.
“While we are working to distribute the funds as quickly as possible, please allow 7-14 days for the funds to be credited to your account. The amount you receive is determined by the Trustee and we will distribute it according to their instructions.” Bitcoin Magazine later confirmed Kraken’s email via a source.