More than $9.4 billion worth of Bitcoin was owed to about 127,000 Mt. Gox creditors for over 10 years.
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Despite receiving over $4 billion worth of Bitcoin, which has appreciated by over 8,500% in the 10 years since Mt. Gox collapsed, the exchange’s creditors continue to hold their assets.
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The announcement comes three days after the Mt. Gox Trustee executed the first test transactions on Bitstamp exchange.
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Mt. Gox creditors aren’t selling their Bitcoin, despite preliminary concerns that 99% of them could be looking to offload BTC.
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In a significant development, Mt. Gox has transferred over 47,500 BTC to unknown addresses, significantly reducing its Bitcoin reserves.
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Mt. Gox’s claims website is currently down for maintenance, while Mt. Gox creditors are still looking for an explanation behind the recent flood of login attempts.
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The Mt. Gox Rehabilitation Trustee has announced that repayments in bitcoin and bitcoin cash have begun for some creditors. Further repayments will occur once several conditions are met. Mt. Gox has moved significant bitcoin amounts ahead of its planned $9 billion repayment. Bitcoin’s price dropped amid these developments and other market activities. Mt. Gox Begins […]
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The transfer represents the first significant on-chain movement from Mt. Gox-related wallets in the past five years, ahead of the October 2024 repayment deadline.
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“Not all creditor repayments are bearish,” said K33’s analysts, noting FTX’s cash payouts versus the crypto repayments from Gemini and Mt. Gox.
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The creditor will be paid by September this year instead of waiting for all the legal processes to be finished.
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