The post Mt. Gox News Update : Small Bitcoin Transferred to Fresh Wallet—What’s Next? appeared first on Coinpedia Fintech News
Mt. Gox, the cryptocurrency exchange that collapsed in February 2014, has started repaying its creditors after a decade. Recently, the exchange transferred 0.021 BTC to a new wallet, a move that could signal the final nail in the repayment process. With 90,344 BTC still in reserve, this transfer has sparked new speculation about the future of the repayment plan.
Details of the Transfer
According to Lookonchain a prominent blockchain analytical platform, Mt. Gox has transferred 0.021 BTC, which is worth approximately $1,390, to a new wallet. This transfer is likely an early move as the exchange gears up to begin repaying its creditors.
Mt. Gox transferred 0.021 $BTC($1.39K) to a new wallet 10 minutes ago, which may be preparing for repayment.#MtGox currently holds 90,344 $BTC($6.11B).https://t.co/f2q66eQNuk pic.twitter.com/QzBGFn3y1h
— Lookonchain (@lookonchain) July 22, 2024
While this amount is relatively small compared to Mt. Gox’s total holdings, it signifies the start of the long-awaited distribution of funds. Many in the crypto community view this transaction as a test run before larger amounts are transferred to the new wallet.
Progress in Repayment Efforts
The final phase of Mt. Gox’s repayment plan is roughly 65% complete, a decade after the exchange filed for bankruptcy. Recent data from Arkham Intelligence reveals two notable transactions in the repayment process.
Firstly on July 5, about 1,545 BTC worth around $98.9 million was sent to the Japanese exchange Bitbank, and 1157.1 BTC ($63.6M) was sent to an unknown counterparty. And secondly, on July 16, about 48,641 BTC worth approx $3.11 billion was transferred to what is believed to be Kraken’s address.
Mt. Gox transferred 0.021 $BTC($1.39K) to a new wallet 10 minutes ago, which may be preparing for repayment.#MtGox currently holds 90,344 $BTC($6.11B).https://t.co/f2q66eQNuk pic.twitter.com/QzBGFn3y1h
— Lookonchain (@lookonchain) July 22, 2024
Following these transfers, Bitcoin experienced a slight price decline but has since recovered, with its value rising from $55,900 to over $67,710.
Mt. Gox Current Holding
As of now, 90,344 BTC worth around $6.11 billion remains in Mt. Gox’s wallets, awaiting distribution. The remaining Bitcoin, along with Bitcoin Cash from the 2018 hard fork, will be repaid over the next few months.
However, Mt. Gox trustee Nobuaki Kobayashi has recently reported that over 13,000 creditors have been repaid so far, with the total number of individual creditors being 20,658. This means that the repayment process has covered about 65% of the creditors.
As the repayment process continues, all eyes are on Mt. Gox to see how swiftly and effectively it will distribute the remaining funds.
