Breaking: Mt. Gox Started Sending $2.4 Billion in Bitcoin (BTC)

As a seasoned crypto investor who has been following the Mt. Gox saga since its inception, I can’t help but feel a mix of excitement and trepidation regarding the recent development. The news that Mt. Gox has begun the process of funds redistribution, with a large chunk of BTC worth $2.4 billion transferred to an internal wallet, is a significant turning point for those affected by the infamous hack.


Mt. Gox is initiating the procedure for distributing funds once more, following the receipt of approximately $2.4 billion in Bitcoin at one of their digital wallets. Given recent events surrounding the exchange, it’s plausible that this action is in preparation for returning assets to victims of the past hack.

A short while ago, Mt. Gox moved approximately 44,527 Bitcoins, valued at around $2.84 billion, into one of its own wallets. This action may indicate the initiation of compensation for victims of the hack. Currently, Mt. Gox holds a total of 138,985 Bitcoins, representing roughly $8.87 billion in value.

Approximately 44,527 Bitcoins worth around 2.84 billion dollars were transferred from Mt. Gox to an internal wallet about 5 minutes ago. This action could potentially be a prelude to making repayments. Currently, Mt. Gox possesses over 138,985 Bitcoins, equivalent to approximately 8.87 billion dollars.

— Lookonchain (@lookonchain) July 16, 2024

Due to the upcoming Bitcoin reimbursement process, the massive reserve held by exchanges has drawn attention in the cryptocurrency market. This large movement of Bitcoins triggered a heightened sense of awareness among industry players, leading to rapid price fluctuations in Bitcoin. Following the transaction, Bitcoin’s value noticeably dropped, with the digital currency now trading at around $63,315, down from approximately $65,000 as shown on the latest price chart. This significant transfer of Bitcoins from Mt. Gox likely contributed to this price decrease.

Mt. Gox, a prominent and prolonged saga in the cryptocurrency sector, is reportedly nearing the conclusion of its capital reallocation process. This development carries significant implications for us as it could mark the beginning of investors finally receiving their long-due compensation following years of anticipation for a resolution.

Read More

2024-07-16 10:49