2024-07-05
Arkham reported that Mt. Gox, has moved
47,228.73 BTC
($2.71 billion) from cold storage to a new wallet.
Mt. Gox is the Tokyo-based bitcoin
exchange that went bankrupt in 2014 due to massive security breaches that led
to the loss of about 850,000 BTC.
This move is in preparation for a
massive payout of about $9 billion to its creditors. The payout is expected to
begin in early July.
The platform had collapsed following a
series of heists that cost it between 650,000 to 950,000 BTC.
The payout follows a protracted
bankruptcy process that’s involved multiple delays and legal challenges. The
court-appointed trustee overseeing the exchange’s bankruptcy proceedings said
distributions to the firm’s roughly 20,000 creditors would begin in early July.
Disbursements will be in a mix of
bitcoin and bitcoin cash, an early offshoot of the original cryptocurrency.
The rehabilitation trustee, Nobuaki
Kobayashi, has indicated that the repayments will be made in Bitcoin (BTC) and
Bitcoin Cash (BCH). The total amount to be distributed includes around 142,000
BTC, 143,000 BCH, and 69 billion Japanese yen, totaling roughly $9 billion
This is good news for victims of the hack. The victims of the Mt. Gox hack have been waiting for this resolution for over a decade.
The price of bitcoin
currently slid to $56,700, this is the crypto market’s second-worst weekly
decline of the year.
