As a seasoned researcher with years of experience in the cryptosphere, I find myself intrigued by the latest developments at Mt. Gox. The recent transfer of over $2 billion worth of Bitcoin to wallet addresses associated with BitGo is a significant event that warrants closer scrutiny.
The defunct Bitcoin exchange based in Japan, Mt. Gox, has carried out another large transfer of Bitcoins, shifting approximately $2 billion worth of BTC to various crypto wallets. As the repayment plan for Mt. Gox approaches its conclusion, there’s been a substantial decrease in the funds previously held for distribution.
Mt. Gox Moves Over 33,000 BTC
In a recent X (formerly Twitter) post, AI-powered blockchain analytics platform, Arkham Intelligence uncovered a new substantial BTC transfer conducted by Mt. Gox. According to Arkham’s reports, the defunct Bitcoin exchange had moved a whopping 33,960 BTC valued at $2.25 billion on July 31.
It’s been announced that the blockchain platform suspects the large Bitcoin transaction from Mt. Gox was likely sent to accounts thought to be managed by BitGo, a digital asset safekeeping and security service provider. According to Arkham, BitGo is the last of five custodians collaborating directly with Mt.Gox in an effort to restore funds to creditors.
After completing a transfer of 33,960 Bitcoins, Mt. Gox currently possesses approximately 32,899 Bitcoin, valued at over $2.11 billion using the current Bitcoin price of $64,622 (as per CoinMarketCap).
Back in June, Mt. Gox declared it would start returning Bitcoin (BTC) and Bitcoin Cash (BCH) to victims of the 2014 cyber-attack on their platform. In this attack, over 200,000 BTC were taken from both customers and the company itself. The value of the stolen BTC was approximately $450 million at the time, representing a significant financial hit for Mt Gox.
Approximately 141,686 Bitcoins were retrieved by Mt. Gox following the hack attack. However, after numerous significant Bitcoin transactions, the exchange’s Bitcoin holdings have significantly decreased, representing a reduction of about 76.5% compared to the initial amount.
On July 31st, the blockchain analysis platform Lookonchain unveiled that Mt. Gox carried out a significant Bitcoin transaction. The value of this transfer was roughly $3.13 billion, as Mt. Gox moved 47,229 Bitcoins to three undisclosed wallet addresses.
Furthermore, according to Lookonchain, starting from July 5, Mt. Gox transferred around 61,559 Bitcoins worth approximately $3.89 billion to several cryptocurrency exchanges like Bitstamp, Kraken, Bitbank, and SBI VC Trade. With less than half of its Bitcoin compensation funds remaining, the reimbursement process for Mt. Gox is almost complete.
Mt. Gox Makes Bitcoin Repayment To Over 17,000 Creditors
On July 24th, Nobuaki Kobayashi, the trustee overseeing Mt. Gox’s rehabilitation process, announced that the Bitcoin exchange has managed to return Bitcoins and Bitcoin Cash to more than 17,000 creditors. The statement highlighted that these repayments were made on July 5th, 16th, and most recently on July 24th, through cryptocurrency exchanges specifically designated for this purpose.
Kobayashi additionally disclosed that once the requirements for Mt Gox creditors regarding redistribution are fulfilled, payments will be swiftly carried out. The Trustee has asked the rest of the eligible creditors in rehabilitation to exercise patience as the refund procedure progresses.
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2024-08-02 08:12