Defunct, based on Japan Bitcoin Exchange, Mt. Gox, made another massive BTC transfer, moving over $2 billion worth of BTC to cryptocurrency wallet addresses. Stock market the repayment plan is coming to an endexperiencing a significant reduction in its previously substantial distribution funds.
Mt. Gox Moves Over 33,000 BTC
In the recent X (formerly Twitter) fastingAI-powered blockchain analytics platform Arkham Intelligence has discovered modern significant BTC transfer run by Mt. Gox. According to Arkham reports, the defunct Bitcoin exchange transferred a whopping 33,960 BTC worth $2.25 billion on July 31.
The blockchain platform revealed that a massive transfer of Mt. Gox Bitcoins was likely sent to addresses believed to belong to BitGo, a digital asset custodian and security firm. Arkham revealed that BitGo is the fifth and final custodian to work directly with Mt. Gox to facilitate return funds to creditors.
After Transferring 33,960 Bitcoins Mt. Gox Now holds approximately 32,899 BTC worth over $2.11 billion. This figure is based on the current BTC price, which at the time of writing is $64,622 according to CoinMarketCap.
In early June, Mt. Gox announced that start distributing recovered Bitcoins and Bitcoin Cash (BCH) to affected creditors hacker attack on the stock exchange in 2014During the hack, hundreds of thousands of BTC were stolen from Mt Gox customers and the company itself. At the time, the stolen BTC was worth around $450 million, representing a significant loss for the exchange.
Total Mt. Gox Bitcoin value recovered since hack is about 141,686 BTC. However, after a series of large-scale BTC transfers, the exchange’s BTC distribution resources have decreased dramatically, reflective which represents a 76.5% decrease from the original amount.
Blockchain analysis platform Lookonchain also revealed that Mt. Gox initiated a mass transfer of Bitcoin on July 31. The cryptocurrency platform revealed that Mt. Gox Moves a Staggering 47,229 BTC worth approximately $3.13 billion to three unknown wallet addresses.
In addition, Lookonchain reported that since July 5, Mt. Gox has transferred 61,559 BTC worth about $3.89 billion to various cryptocurrency exchanges, including Bit stamp, KrakenBitbank and SBI VC Trade. With less than half of the funds left to repay the installments in Bitcoin, Mt. Gox’s debt repayment plans are finally coming to an end.
Mt. Gox Pays Off Bitcoin to Over 17,000 Creditors
IN statement published on July 24, Mt. Gox Rehabilitation Trustee Nobuaki Kobayashi revealed that the Bitcoin exchange has successfully made repayments Bitcoin and Bitcoin Cash to over 17,000 creditors. The statement noted that following repayments on July 5 and 16, the Mt Gox Rehabilitation Trustee made repayments to various creditors on July 24 using designated cryptocurrency exchanges.
Kobayashi also revealed that further payments will be made immediately after the redistribution conditions are met. Mt Gox Creditors have been met. The Trustee urged the remaining eligible rehabilitation creditors to remain patient as repayment process lasts.
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