worldcoinindex.com
Mt. Gox, once the leading crypto exchange, has started distributing Bitcoin and Bitcoin Cash to its creditors, concluding a nearly decade-long saga. This repayment process kicked off in July, following the announcement of the repayment plan last month.
On July 5, 2024, the Rehabilitation Trustee announced that initial repayments had been made to some creditors via designated exchanges. Further repayments to remaining creditors will follow once conditions such as account verification and agreement to the Agency Receipt Agreement by the exchanges are satisfied.
Ensuring the security and safety of these repayments is a priority, and ongoing discussions between the Rehabilitation Trustee and the exchanges aim to finalize the repayment procedures.
In its prime, Mt. Gox facilitated over 70% of global Bitcoin transactions but declared bankruptcy in 2014 after a massive hack resulted in the loss of about 740,000 BTC.
The recent fund releases to former users have added selling pressure to the Bitcoin market, highlighting the enduring influence of Mt. Gox. Bitcoin's value dropped to $57,000 late Thursday, further declining to $53,800 early Friday, as per TradingView data. This extended correction followed a $2.7 billion Bitcoin transfer from a Mt. Gox wallet to a new address. On Thursday evening, Mt. Gox moved 47,229 BTC, valued at approximately $2.7 billion, to a new hot wallet, according to Arkham’s data.
This wallet activity is part of Mt. Gox’s trustee plan to distribute over $9 billion in Bitcoin, Bitcoin Cash, and fiat to creditors, a plan publicly disclosed last month.