- Mt. Gox’s rehabilitation trustee transferred around $6 billion worth of Bitcoin to new wallets, taking further steps to reimburse creditors from the exchange’s infamous 2014 hack.
- The transactions involved moving around 95,870 BTC across two transactions to newly-created addresses, with the first shift of 47,000 bitcoin valued at nearly $3 billion.
- Kraken confirmed that it received Mt. Gox creditors’ funds (BTC and BCH) from the Mt. Gox Trustee and will distribute them to creditors within 7-14 days.
Mt. Gox, once the world’s largest Bitcoin exchange, has taken a major step toward reimbursing creditors by moving $6 billion worth of Bitcoin to new wallets. This brings long-awaited closure to one of the crypto industry’s most infamous hacks.
Mt. Gox Transfers Nearly 100,000 BTC
The rehabilitation trustee for Mt. Gox transferred around 95,870 BTC across two transactions on Tuesday morning. The first shift of 47,000 bitcoin was valued at nearly $3 billion.
The destination wallets remain unidentified but are presumed to be linked to Mt. Gox’s ongoing repayment process. The exchange still owes creditors $9 billion in total stemming from Bitcoin lost in Mt. Gox’s 2014 hack.
Payouts Follow Initial Test Transfers
Saturday’s large transactions follow initial smaller test transfers last week as Mt. Gox prepared to distribute funds. Analysts feared the payouts could weigh on Bitcoin’s price if creditors immediately liquidate holdings.
So far, the transfers have coincided with dips below $64,000 as markets reacted cautiously. But the expectation remains that most creditors will hold the restored coins rather than rush to sell.
Chapter Closed on Infamous Mt. Gox Saga
While unnerving for traders, the long-awaited Mt. Gox reimbursement will close the book on one of the Bitcoin industry’s most infamous episodes. Tens of thousands of early adopters lost holdings when the pioneering exchange collapsed.
Over eight years later, creditors will finally recoup some of those early losses. The saga underscores Bitcoin’s resilience and the community’s commitment to accountable custody and transparent transactions.
Kraken Confirms Receipt of Creditor Funds
Bitcoin and crypto exchange Kraken has confirmed it received Mt. Gox creditor funds, according to emails sent to creditors. Kraken anticipates 7-14 days to distribute the funds to accounts. The amount each user will receive was determined by the trustee.
