Now disbanded Mount Gox The exchange moved more than $6 billion worth of Bitcoin on Tuesday morning as it takes further steps to repay creditors.
Update: Mt Gox moved 95,870 #Bitcoin $6 billion worth of funds sent to unknown addresses 👀 pic.twitter.com/duCIiVPcsK
— Bitcoin Magazine (@BitcoinMagazine) July 16, 2024
On-Chain Data It shows that the Mt. Gox wallet transferred approximately 95,870 BTC in two transactions to the newly created address, with the initial transfer of 47,000 Bitcoins amounting to nearly $3 billion.
The destination wallet has yet to be identified, but it is speculated to be related to the ongoing repayment process of Mt. Gox, which owes a total of $9 billion to creditors due to bitcoins lost in the infamous 2014 hack.
Saturday’s big transaction follows smaller test transfers last week as Mt. Gox prepares to distribute the funds, with analysts worried the payments could weigh on the stock price. Bitcoin Price If the creditor immediately liquidates its holdings.
The transfers have coincided with a drop in prices below $64,000 as the market has reacted cautiously so far, but most creditors remain expected to hold onto any restored gold rather than rush to sell.
Though unsettling for traders, the long-awaited Mt. Gox refund brings to an end one of the bitcoin industry’s most notorious scandals, when tens of thousands of early adopters lost their holdings when the pioneering exchange collapsed.
More than eight years later, creditors will finally recoup some of their early losses, highlighting Bitcoin’s resilience and the community’s commitment to responsible custody and transparent transactions.
