Mt Gox, the defunct crypto exchange, transfers 0.021 Bitcoin (BTC) to a new exchange amid anticipation of creditor repayment. This move follows the announcement that the exchange will begin repaying creditors who lost assets in the 2014 hack. Recent price fluctuations reflect this announcement and other industry factors.
Blockchain analytics firm Arkham reveals that Mt Gox made two Bitcoin transactions, raising eyebrows among users expecting repayment. The first transaction involved 0.021 BTC to a new wallet, interpreted as a transfer test. Subsequently, the wallet linked to the exchange moved 44,527 BTC, worth approximately $2.84 billion, to an internal wallet. These actions are part of the exchange's strategy to manage creditors' funds. Currently, the wallet holds 138,985 BTC, valued at $8.87 billion. Additionally, on July 4, another wallet associated with Mt Gox transferred 47,000 BTC, valued at $2.7 billion, followed by two more transfers: 1,544 BTC ($84 million) to Bitbank and 1,200 BTC ($64 million) to a new wallet.
The community is closely watching for the repayment, which is expected to create selling pressure. However, phased repayments might mitigate this pressure. Some commentators anticipate bullish market activity, with institutional investors potentially acquiring large amounts of assets as the market recovers.
The Mt Gox hack led to significant investor losses. The exchange is now set to repay 142,000 BTC in phases.
The repayment process, while positive for creditors, may lead to market instability and selling pressure.
The Mt. Gox repayment event is not only an affirmation of the creditors' long-term struggle, but also an important sign of the gradual maturity of the Bitcoin industry.
JinseFinanceKraken’s handling of Bitcoin payouts for Mt. Gox creditors has led to significant dissatisfaction due to verification issues. While the exchange insists that these issues are due to account standards, the slow response from customer support has compounded user frustration.
Xu LinKraken confirmed receiving Mt. Gox’s BTC and BCH funds for creditors, expecting payouts in 7-14 days. Mt. Gox transferred $5.8 billion in Bitcoin to undisclosed addresses, affecting market dynamics with Bitcoin’s price briefly dropping to $63,500.
ZeZhengThese long-awaited reimbursements will be financed through the sale of Mt. Gox's remaining assets, including 142,000 BTC, 143,000 BCH, and 69 billion yen (about $625 million)
Davin
Coinlive Coinlive It is worth noting that funds have not moved from the now-defunct Mt.Gox exchange’s cold wallets since 2018.
cryptopotatoCreditors have until September 15 to make or transfer a claim.
Coindesk
FinboldThe Mt Gox case had finally reached a settlement agreement back in 2021, and the BTC owed to creditors is ...
Bitcoinist