More Than 66% of Bitcoin Distributed to Mt. Gox Creditors
More Than 66% of Bitcoin Distributed to Mt. Gox Creditors
Mt. Gox, once one of the largest cryptocurrency exchanges in 2010, has begun compensating creditors affected by its collapse in 2014. According to data from CryptoQuant, approximately 66.6% of the Bitcoin held by Mt. Gox has been distributed to creditors.
Recently, social media user Punch reported that Mt. Gox creditors have started receiving their Bitcoin through Kraken.
According to the latest data from Arkham Intelligence on Wednesday (July 24, 2024), Mt. Gox has moved around 37,477 BTC, valued at approximately $2.48 billion, to new addresses. Of this amount, 5,106 BTC, worth $335.7 million, was moved back to a separate cold wallet owned by Mt. Gox before being transferred to two other addresses, including one associated with the exchange Bitstamp.
This move occurred less than 24 hours after the exchange transferred BTC worth $2.8 billion to several wallets on July 22, 2024, with $340 million sent to four wallets associated with Bitstamp. Bitstamp is one of five exchanges collaborating with the Mt. Gox trustee to return funds to creditors.
Payment Process Takes 90 Days
Mt. Gox went bankrupt in 2014 after a massive hack resulted in the loss of hundreds of thousands of Bitcoin. The exchange still owes over $9.4 billion to approximately 127,000 creditors who have been waiting for more than a decade to recover their funds.
The payment process to creditors began earlier this month, with exchanges like Kraken and Bitstamp appointed to distribute funds to clients within 90 days of receiving the funds.
Conclusion
The compensation process for Mt. Gox creditors has reached a significant milestone, with over 66% of the Bitcoin held by the exchange now distributed. The movement of substantial amounts of Bitcoin, including $2.8 billion transferred in a single day, underscores the scale of the effort to repay creditors. This development marks a critical step for the approximately 127,000 creditors who have waited over a decade to recover their funds. With exchanges like Kraken and Bitstamp facilitating the distribution, the process is expected to be completed within 90 days, providing long-awaited relief to those affected by the collapse of Mt. Gox in 2014.
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