The former rehabilitation trustee of the now-defunct Mt. Gox Exchange moved $6 billion of bitcoins on Tuesday as they took steps to repay creditors.
Mt. Mt. #Bitcoin Unknown addresses receive $6 billion in value👀 pic.twitter.com/duCIiVPcsK
— Bitcoin Magazine (@BitcoinMagazine) July 16, 2024
On-chain data Mt. Gox’s wallet has transferred 95,870 BTC in two separate transactions to newly created addresses. The first transaction of nearly $3 billion was the transfer of around 47,000 Bitcoin.
Although the destination wallets are not identified, it is presumed that they have a connection to Mt. Gox continues to repay its debts. Total, the exchange owes its creditors $9 billion due to Bitcoin lost at Mt. The infamous Gox hack of 2014.
The large transaction on Saturday follows the smaller tests last week, as Mt. Gox was preparing to disburse funds. Analysts fear the payouts will weigh down on Bitcoin’s price If creditors liquidate their holdings immediately.
The transfers so far have been accompanied by a dip below $64,000, as the markets have reacted with caution. It is expected that the majority of creditors will not rush to sell the restored coins.
The long-anticipated Mt. Gox’s reimbursement is a closure to the Bitcoin industry’s most famous episode. The pioneering exchange crashed, and tens-of-thousands of early adopters were left with nothing.
Eight years on, some creditors are finally recovering their losses. This saga highlights Bitcoin’s resilience, and the commitment of its community to transparent and accountable transactions.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: bitcoinmagazine.com
