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Mt. Gox moves $840 million in Bitcoin to new wallet

source-logo  cryptobriefing.com  + 1 more 28 May 2024 02:57, UTC

Defunct crypto exchange Mt. Gox transferred 12,240 BTC, valued at approximately $840 million, to a new wallet over the past hour, according to data from Arkham Intelligence. Following the transfer, Bitcoin’s price experienced a minor dip, dropping below $68,500, according to CoinGecko’s data.

Mt. Gox BTC transfer on May 27 – Source: Arkham Intelligence

Despite the latest movement, there is still a substantial balance, worth approximately $9.7 billion, in the wallet.

Established in 2010 and once responsible for 70% of Bitcoin transactions worldwide, Mt. Gox suffered a devastating cyberattack in 2014, resulting in huge Bitcoin losses for both the exchange and its customers.

The exchange reported a loss of around 750,000 BTC belonging to customers and an additional 100,000 from its own funds. While 200,000 BTC were later recovered, the legal complexities in Japan have delayed restitution to the victims.

In 2021, a compensation plan was finally approved by Japanese courts. Mt. Gox’s current assets include 142,000 BTC, 143,000 BCH, and 69 billion Japanese yen.

The repayment process to creditors is set to commence before October 31, with repayments to be made in Japanese yen, Bitcoin, and Bitcoin Cash, depending on creditors’ preferences.


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