Mt. Gox Moves $9.6B Worth of Bitcoin Towards Repayment

Mt. Gox has moved $9.6 billion worth of Bitcoin, signaling potential repayment to creditors by October 2024.
Mt. Gox Moves $9.6B Worth of Bitcoin Towards Repayment

Key Takeaways

  • Mt. Gox has moved $9.6 billion worth of Bitcoin into a new wallet.
  • This is the first significant on-chain movement from Mt. Gox wallets in over five years.
  • Repayment to creditors is planned by October 2024, but delays are possible.

Collapsed exchange Mt. Gox has moved $9.62 billion worth of Bitcoin into a new wallet, raising hopes among creditors.

The 141,686 Bitcoin was consolidated into wallet “1Jbez” from various cold wallets linked to Mt. Gox.

This marks the first significant on-chain movement of funds from Mt. Gox-related wallets in over five years, ahead of the October 2024 repayment deadline.

The transfer suggests that users who have been unable to access their funds since 2014 might finally see repayment.

Anndy Lian, a blockchain expert, commented:

This is the first movement of assets from Mt. Gox’s cold wallets in over five years and is likely part of the plan to distribute the assets back to creditors before the promised deadline of Oct. 31, 2024.

Nobuaki Kobayashi, the Mt. Gox rehabilitation trustee, confirmed that the consolidation is part of the exchange’s repayment plans but did not specify when repayments would begin.

Kobayashi stated:

The Rehabilitation Trustee is preparing to make repayment for the portion of cryptocurrency rehabilitation claims to which cryptocurrency is allocated… Please wait for a while until the repayments are made.

Despite the movement, the repayment deadline could face further delays, as previous deadlines have been postponed.

Over $9.4 billion worth of Bitcoin is owed to some 127,000 creditors who have waited for over a decade since Mt. Gox’s collapse in 2014 after a major hack.

Following these transfers, Bitcoin’s price dipped 2% on May 28, reflecting market expectations of selling pressure from creditors once repayments begin.

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