Mt. Gox moves $2.25 billion in Bitcoin to unknown address
Mt. Gox moves $2.25 billion in Bitcoin to unknown address
Crypto exchange Mt. Gox has made another move by transferring 33,964 BTC, valued at $2.25 billion, to a new, unidentified wallet as part of its final preparations to address the aftermath of its 2014 collapse.
This transfer is a significant step towards resolving the decade-long fallout from one of the largest hacks in crypto market history.
According to data from blockchain analytics firm Arkham Intelligence, this substantial movement of Bitcoin is part of the company's broad efforts to settle its obligations to creditors. In addition to the $2.25 billion amount in the last transfer, $3.1 billion in Bitcoin was moved between two cold wallets held by the company.
Despite these large transactions, Bitcoin's price remained relatively stable over the past 24 hours.
Last week, several cryptocurrency exchanges, including Kraken, announced the completion of fund returns to creditors, Decrypt reported. Kraken is among the five exchanges tasked with facilitating the repayment process to some of the 127,000 creditors impacted by Mt. Gox's collapse. The trustee managing the estate has confirmed that repayments in Bitcoin (BTC) and Bitcoin Cash (BCH) have been completed for over 17,000 creditors through designated cryptocurrency exchanges.
The process of repaying the remaining creditors involves verifying the validity of registered accounts and preparing agreements to subscribe to a distribution plan through designated exchanges. These exchanges, initially assigned to return the stolen funds, include Bitstamp, SBI VC Trade, Bitbank, and Coincheck. While Bitstamp, SBI VC Trade, and Bitbank have confirmed the completion of their repayment obligations, Coincheck has yet to comment on the matter.
Currently, Mt. Gox's main wallet still holds approximately 80 BTC, valued at around $5.3 billion. It remains unclear if these assets will be liquidated through an exchange. Neither Arkham Intelligence nor the Mt. Gox trustee has provided further comments on the recent transactions.
This last transfer follows a similar movement last week, where $2.8 billion was shifted into a new wallet amidst declining Bitcoin prices. At the time of this writing, bitcoin is trading around $66,100, according to CoinGecko. The price fluctuations underscore the volatility in the cryptocurrency market, particularly in light of significant asset movements like those from Mt. Gox.
The ongoing resolution of Mt. Gox's bankruptcy proceedings is a landmark event in the cryptocurrency world. Successful restitution could set a precedent for handling large-scale cryptocurrency failures and contribute to the development of more robust legal and financial frameworks for digital assets.
See also: UK Law Commission proposes new legal reforms for crypto assets
