Crypto enthusiasts are abuzz as Mt. Gox, the long-defunct crypto exchange, transferred $9.62 billion worth of Bitcoin (BTC) into a new wallet, suggesting that creditors might soon be repaid.
The transaction involved moving 141,686 BTC to a single wallet, “1Jbez,” consolidating funds from multiple cold wallets associated with Mt. Gox. This move marks the first significant on-chain activity by the crypto exchange in over five years.
Since halting trading and withdrawals in 2014, Mt. Gox’s users have been unable to access their funds, leading to years of uncertainty and frustration. The recent transfer is seen as a positive signal that the crypto exchange is making progress toward repaying its creditors, potentially by October 31, 2024.
Mt. Gox rehabilitation trustee Nobuaki Kobayashi confirmed that the consolidation is part of the repayment plan, bringing hope to the 127,000 creditors who have awaited their funds for over a decade. Despite potential delays, the move toward repayment is a significant step forward.
Mt. Gox, once a dominant force in the crypto market, collapsed in 2014 following a major hack in 2011 and subsequent security breaches, resulting in the loss of 850,000 BTC. The recent developments offer optimism for the resolution of this long-standing issue.
Overall, the crypto community is hopeful that creditor repayments are finally within reach, with progress being made towards fulfilling obligations to those affected by the Mt. Gox collapse.
