Mt. Gox transfers $9.4 billion and prepares to reimburse customers - News from 05/29/2024

But also: CZ forced to sell his shares in Binance France, Ryan Salame sentenced to 7.5 years in prison and ZKasino promises to reimburse investors

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MAY 29



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Mt. Gox transferred a large amount of BTC as part of the start of customer refunds. We will explain everything to you ! 🤯

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🔥 THE BURNING NEWS OF THE DAY

Mt. Gox customers soon to be reimbursed?

In a crucial step in the plan to repay creditors, more than 140,000 bitcoins, equivalent to approximately $9.6 billion, were transferred from Mt. Gox wallets to an unknown address in thirteen transactions on Tuesday. Mt. Gox, once the largest Bitcoin exchange in the world, closed in 2014 following a massive hack.

The market reacted negatively to these transfers, with bitcoin falling 1.6%, briefly falling below $68,000 after reaching over $70,000 on Monday. Nobuaki Kobayashi, the trustee of the Mt. Gox rehabilitation, assured that no sales of bitcoin or bitcoin cash had taken place and that the assets were managed securely.

The transfers included a $3 test transaction on May 20 and another for $160 on Tuesday. Other transactions ranged between $1.2 million and $2.2 billion in bitcoin. According to Bitinfocharts, all of Mt. Gox's bitcoins have now been transferred to a single address, a first in over five years. This initiative appears to be part of the plan to distribute assets to creditors before October 31, 2024.