Mt. Gox Postpones Deadline to Repay Creditors as Bitcoin, Associated With the Collapsed Crypto Exchange, Moves Again
- Patricia ArquetteOriginal
- 2024-11-03 06:36:22871browse
Blockchain intelligence firm Arkham identified two transactions in which the exchange transferred 500 BTC to cold storage on November 1st.
Bitcoin (BTC) linked to the now-defunct crypto exchange Mt. Gox was reportedly moved on Monday, according to blockchain analysis data.
Two transactions, totaling 500 BTC (around $35 million at current market value), were identified by Arkham as moving Bitcoin associated with the exchange. The transactions, 31.78 BTC and 468.24 BTC, were sent to two unknown addresses. This marks the first major coin movement from Mt. Gox wallets in a month.
According to Arkham, around 44,905 BTC, valued at roughly $3.1 billion, remains in Mt. Gox-associated wallets.
Mt. Gox, once the world’s largest crypto exchange, was hacked in 2014, leading to the loss of 850,000 BTC. After the exchange filed for bankruptcy, law enforcement recovered 140,000 BTC over the years. Finally, in 2021, a rehabilitation proposal was approved, allowing creditors to begin recouping their funds.
However, creditors now face further delays in receiving their repayments. Crypto exchanges Kraken, Bitstamp, Bitbank, SBI VC Trade, and BitGo are tasked with handling the distribution of repayments to Mt. Gox’s creditors. While some creditors have already received their funds, it appears that not all will be getting their銭backすぐ。
Earlier this month, Mt. Gox announced that the deadline for making repayments has been extended to October 2025.
“However, many rehabilitation creditors still have not received their Repayments because they have not completed the necessary procedures for receiving Repayments,” the exchange stated.
The exchange also highlighted “issues arising in the Repayments process” as a reason for some creditors not receiving their payments.
Mt. Gox was one of the first Bitcoin exchanges globally, handling about 70% of global BTC transactions at one point. The exchange’s glory was short-lived, as a series of security breaches ultimately bankrupted the company.
Still, market participants remain concerned about the repayments, given the vast amount of BTC involved. Previous Bitcoin transactions by Mt. Gox have spooked market participants, sparking speculation about a potential selloff. Creditors are set to stand to gain significantly after the repayments, considering the difference in BTC’s price now compared to the time of the exchange hack.
Bitcoin saw a massive rally earlier this week, breaking past the $70,000 mark and coming within striking distance of its all-time high of $73,800. BTC has since pulled back and is currently trading at $69,268.
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