- The once-defunct crypto exchange Mt. Gox is still moving Bitcoin.
- Many of the exchange’s creditors remain hopeful for payouts.
- Mt. Gox still holds a major BTC reserve.
The past few months have been marked by a wave of enthusiasm among users of the defunct exchange Mt. Gox following its reawakening with substantial payouts of assets once thought lost. Mt. Gox’s return has seen the distribution of Bitcoin (BTC) to a significant portion of its creditors, facilitated through crypto exchanges Kraken, Bitstamp, and BitGo.
As the remaining creditors await their share, Mt. Gox’s recent actions suggest that more settlements may be on the horizon.
More Mt.Gox BTC on the Move
Mt. Gox, the crypto exchange that went off the radar for nearly a decade before reemerging with creditor repayments, is again making headlines. On Wednesday, September 25, 2024, blockchain analytics platform Arkham Intelligence reported the movement of assets from Bitcoin wallets associated with the exchange.
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On-chain data shows that Mt. Gox moved large portions of assets out of four wallets after receiving approximately $370,000 in BTC from a Kraken address.
The latest transaction comes on the heels of a BTC shuffle worth approximately $782 million on August 21, which involved a two-part transfer of 12,000 BTC to a new wallet address and another 1,265 BTC to an internal Mt. Gox wallet.
So far, Mt. Gox has distributed funds to over 17,000 creditors and has assured that settlements to those awaiting will follow soon. At press time, the exchange’s digital vault held 44,899 BTC in balance, valued at approximately $2.85 billion at current prices.
On the Flipside
- In 2014, Mt.Gox suffered a major cyberattack that led to its bankruptcy.
- Bitcoin is trading at $63,394 at the time of writing.
Why This Matters
While many of Mt. Gox’s creditors have been compensated, many others are still awaiting their payouts, making asset movements like this particularly noticeable. The exchange’s resurgence after a period of inactivity suggests that it may be gearing up to continue distributions to its creditors.
Read this article for testimonies about how the recent Mt.Gox payouts have changed lives:
Mt. Gox Clients Reportedly Become Millionaires a Decade after Losing It All
The FTX fraud jail roll call is ongoing as a second convicted executive gets jail term; read more here:
FTX Fraudster Ellison Gets Jail: Here’s How the Sentence Went
