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Cryptocurrency News Articles
Over 140,000 Bitcoin (BTC-USD) Was Transferred From Mt. Gox Wallets Today, Setting the Stage for Creditor Repayment
May 28, 2024 at 11:01 pm
Something big happened over the three-day weekend that had crypto traders and investors a little anxious. Over 140,000 Bitcoin (BTC-USD) was transferred from Mt.
Over 140,000 Bitcoin (BTC-USD) was moved out of Mt. Gox wallets on Monday, setting the stage for creditor repayment.
This development comes as part of the plan to repay creditors in a “secure manner.”
In total, 16 Bitcoin transactions flew out of Mt. Gox wallets, leading to a nearly 2% dip in BTC prices.
According to Protos, transactions ranged from $1.4 million to a massive $2.2 billion, sent to the address 1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6.
This address received its first-ever transaction on May 20 for a meager amount of $4 in Bitcoin.
The recipient address has since shuffled almost 4,022 Bitcoin, valued at over $273 million, to further wallets.
Mt. Gox is preparing to fulfill a portion of the cryptocurrency rehabilitation claims, giving creditors the option to either sell or directly transfer their crypto.
Setting the Record Straight
Amidst a flurry of questions regarding Bitcoin management, Mt. Gox clarified that “the Rehabilitation Trustee has neither made repayment nor sold Bitcoin and Bitcoin Cash to make repayment.”
They highlighted that the trustee is securely managing Bitcoin and Bitcoin Cash (BCH-USD).
Former Mt. Gox CEO Mark Karpelès took to Twitter, stating, “As far as I know, everything is fine with MtGox. The trustee is moving coins to a different wallet in preparation for the distribution that will likely happen this year. There is no imminent sale of Bitcoins happening.”
The Mt. Gox Saga
One of the first crypto exchanges, Mt. Gox, collapsed spectacularly in February 2014.
The exchange filed for bankruptcy after losing 850,000 Bitcoin and leaving nearly 240,000 creditors in the lurch.
An account that tracks the outflows from Mt. Gox's known addresses reports that around 0.11645937 BTC, valued at $7,925, still remains in Mt. Gox wallets.
This indicates that they are slowly but surely preparing for the grand distribution to creditors.
Is Bitcoin a Buy?
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