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Cryptocurrency News Articles
Mt. Gox (BTC) on the Move, More Repayments Coming Soon?
Sep 26, 2024 at 06:00 am
Mt. Gox, the crypto exchange that went off the radar for nearly a decade before reemerging with creditor repayments, is making headlines once again.
Defunct crypto exchange Mt. Gox is at it again, and this time around, the exchange’s wallets have been spotted shifting large sums of Bitcoin (BTC). The latest on-chain activity shows that Mt. Gox received BTC 14.44 ($370,000) from a Kraken address, and subsequently moved huge portions of assets out of four wallets.
The latest transaction follows a massive BTC shuffle on August 21, which saw 12,000 BTC (around $782 million at the time) being transferred to a new wallet address, and another 1,265 BTC being shifted to an internal Mt. Gox wallet. The transfer was part of a two-step process, and involved BTC being moved out of four wallets in total.
On April 2024, Mt. Gox began repaying its creditors in BTC, BCH, and fiat currencies, after a lengthy legal battle that saw the exchange declare bankruptcy in 2014. The exchange had initially planned to begin the process in September 2021, but encountered delays due to technical issues and the need to verify creditor claims.
Now, as the remaining creditors await their payouts, the latest actions by Mt. Gox suggest that more settlements may be on the horizon. At press time, Mt. Gox’s digital vault holds a total 44,899 BTC in balance, valued at approximately $2.85 billion at current prices.
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