The rehabilitation trustee for the now-defunct Mt. Gox exchange made a significant move on Tuesday morning, transferring over $6 billion worth of bitcoin in further steps toward reimbursing creditors. On-chain data revealed that around 95,870 BTC was moved across two transactions to newly-created addresses, with the first transfer of 47,000 bitcoin valued at nearly $3 billion.
The destination wallets for these transactions remain unknown but are believed to be connected to Mt. Gox’s ongoing repayment process. The exchange owes creditors a total of $9 billion, a result of the Bitcoin lost in the infamous 2014 hack.
These large transactions come after smaller test transfers last week as Mt. Gox prepared to distribute funds. Analysts have expressed concerns that the payouts could impact Bitcoin’s price if creditors decide to immediately sell their holdings. Despite some market caution, most creditors are expected to hold onto the restored coins rather than rush to liquidate.
The long-awaited Mt. Gox reimbursement will mark the end of a dark chapter in the Bitcoin industry, where tens of thousands of early adopters lost their holdings due to the exchange’s collapse. After over eight years, creditors will finally start to recoup some of their losses, highlighting Bitcoin’s resilience and the community’s dedication to secure custody and transparent transactions.
In an update, it was confirmed that the crypto exchange Kraken received funds from Mt. Gox creditors. Kraken stated in emails to creditors that they have successfully received creditor funds and will work to distribute them within 7-14 days according to the trustee’s instructions. This development brings creditors one step closer to recovering their lost assets.
