Mt.Gox continues to shuffle its bitcoin portfolio. This transfer is one of the largest in recent memory.
What do these changes mean for hopeful lenders?
Since Mt. Gox returned to paying its lenders after a decade-long hiatus, the once leading exchange has transferred billions worth of bitcoins (BTC). These transfers quickly became a pattern, often putting the exchange in the spotlight and causing a stir among creditors hungry for payouts.
Continuing the trend, the exchange has once again transferred large sums of money.
Another large transfer was the latest in a months-long shuffle of Mt Gox's portfolio: according to the chain's November 5, 2024 data, the exchange transferred 32,371 #BTC worth about $2.23 billion to two wallet addresses.
These two transfers included an initial transfer of 30,371 BTC to an unbranded address, then a transfer of 2,000 BTC to a cold Mt. After transferring 500 BTC a few days ago, the latest transfer brings Mt. Gox's movement over the past week to about $2.6 billion at current market value.
The latest transfer reflects a typical first step in the exchange's debt repayment process, but this time it's not very encouraging to the expecting creditors.
Mt. Gox recently announced a delay in the current debt repayment process. Gox recently announced a delay in the current repayment process, suggesting that the recent portfolio disruption is not aimed at immediate resolution.
Since the exchange's new deadline extends the waiting period by another year, it is unlikely that remaining creditors will be paid by October 31, 2025.
As it is preferable to make payments to these rehabilitated creditors as soon as possible, the rehabilitation trustee, with the court's approval, has changed the payment timeline, the exchange
17,000 Mt Gox creditors have been successfully rehabilitated so far, and the exchange will likely resume payments to the remaining creditors as soon as they occur. At the time of writing, Mt.
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