- Mt. Goxโs Bitcoin payment to creditors is ongoing.
- Several of the creditors have quickly watched their accounts go to new sizes.
- Mt.Gox is still moving huge sums in BTC.
Ten years ago, the Mt. Gox exchange was all the buzz in the crypto industry, renowned for its position as the largest trading and exchange platform of its time. However, things turned sour when it fell victim to a string of cyberattacks, ultimately leading to its bankruptcy and leaving numerous investors out of pocket.
Ten years later, the decade-long efforts to restore investors’ losses have gained momentum, and it just may have been worth the wait after all.
Rags to Riches: A Mt. Gox Creditorโs Story
The past week in the industry has been filled with celebrations by many Mt. Gox creditors, who have received their various portions of the ongoing settlement.
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For some, the end of this 10-year journey has marked the beginning of a new chapter. According to a Wednesday Reddit post, one Mt. Gox creditor received about six to eight BTC from the exchange, worth up to $330,000 to $520,000 at current prices.
While the 8 BTC received sits significantly below the 60 claimed to be held during the exchangeโs crash, it has reportedly marked a major financial turnaround for the individual.
Similarly, another user in the โmtgoxinsolvencyโ Reddit group also shared an image of his over $2.3 million Bitcoin balance, celebrating the significant jump in the value of his $60,000 holding on the exchange.
Yet, the celebrations may only just be getting started.
Mt. Gox Moves Additional $3B in BTC
The latest shuffle of the Mt.Gox Bitcoin portfolio has seen the transfer of 47,229 Bitcoin, worth approximately $3.13 billion.
The transaction, occurring over three hours on July 30, 2024, follows the test transfer of assets a day prior, believed to be part of the ongoing payout process that commenced earlier in the month. So far, Mt. Gox has transferred around 59,000 Bitcoins out of the 142,000 designated for distribution to creditors.
While many of the exchangeโs creditors have acknowledged receiving payments from crypto exchanges Kraken and Bitstamp, others continue to await settlements from additional firms handling the payouts.
At press time, Mt. Goxโs BTC wallet holds a total balance of 80,000 Bitcoin, worth approximately $5.3 billion.
On the Flipside
- During its reign, Mt. Gox oversaw 70% to 80% of the crypto industryโs trading volume.
- At press time, Bitcoin is trading at $66,101.
- According to a Glassnode report, more Mt. Gox creditors are holding rather than selling.
Why This Matters
Regardless of the value received per individual, Bitcoin has grown significantly in worth since Mt. Goxโs collapse. The 10,900% surge from BTCโs value of around $550 to $600 at the time of the collapse to its current rate of $66,000 will undoubtedly mark major gains for the exchangeโs creditors.
Read more about the completion of the distribution of BTC to Mt. Gox creditors by Kraken:
Kraken Confirms Mt. Gox Settlement as Creditors Cash In
Read this article to find out why Russia is making a U-turn on its โno-cryptoโ stance:ย
Russia Turns to Crypto to Circumvent US Sanctions
