Mt. Gox, the defunct cryptocurrency exchange, has just made a significant move in the world of Bitcoin. They recently transferred a staggering 12,240 BTC, approximately valued at $840 million, to a brand-new wallet. This transfer caused a slight drop in the price of Bitcoin, with it falling below $68,500, according to data from CoinGecko.
However, this transaction is only a portion of Mt. Gox’s remaining holdings. The wallet still holds a substantial balance worth around $9.7 billion. This is quite a remarkable figure considering the tumultuous history of Mt. Gox.
Once a major player in the cryptocurrency industry, Mt. Gox suffered a devastating cyberattack in 2014. This resulted in the loss of a massive amount of Bitcoin, both from the exchange itself and its customers. The exchange’s reported losses included approximately 750,000 BTC belonging to customers and an additional 100,000 BTC from their own funds. Though 200,000 BTC were eventually recovered, the legal complications in Japan have delayed compensation for the victims.
Finally, in 2021, Japanese courts approved a compensation plan, offering some hope for the affected parties. Currently, Mt. Gox’s remaining assets consist of 142,000 BTC, 143,000 BCH, and 69 billion Japanese yen.
The process of repaying the creditors is scheduled to begin before October 31. The repayments will be made in Japanese yen, Bitcoin, and Bitcoin Cash, depending on the preferences of the creditors. This marks a significant step forward in resolving the long-standing issues stemming from Mt. Gox’s downfall.