Defunct Mt. Gox drops Bitcoin repayment update, will BTC react to it?
The defunct crypto exchange Mt. Gox announced that its Rehabilitation Trustee made repayments in Bitcoin (BTC) and Bitcoin Cash (BCH) to over 17,000 creditors. The repayments were made on July 5, 16, 24, and 31, 2024, through designated cryptocurrency exchanges.
Bitcoin and Bitcoin Cash have managed to sail through the Mt. Gox repayment plan. BTC and BCH saw a surge of over 3% and 7%, respectively, in the last 30 days. The defunct crypto exchange holds more than 32,000 BTC.
Mt. Gox moves 33.9K BTC to BitGo for Bitcoin repayment
Mt. Gox in a note mentioned that the repayments to other creditors will be made after the crucial conditions are being met. This includes confirmation of the validity of registered accounts, verification of the Agency Receipt Agreement with creditors and more.
Arkham data shows that the defunct crypto exchange addresses moved 33.96K BTC (approx. worth $2.25 billion) to BitGo’s linked addresses. BitGo is the final custodian that is working with the Mt. Gox Trustee in the repayment process.
Earlier, the exchange moved over 33K BTC (approx worth $2.19 billion at that time) to multiple addresses. Japanese exchange Bitbank on July 5, received 1,545 Bitcoin (approx. worth $84.9 million then).
Mt. Gox filed for bankruptcy in February 2014 after it lost up to 950K Bitcoin in a hack. However, the exchange blamed a bug for the loss. The defunct platform later recovered 140K BTC.
Bitcoin price has fluctuated on higher notes since Mt. Gox began its repayment process. BTC price dipped to the $53K level at the beginning of July after which it rose rapidly back to the $65,000 mark. BTC went on to hit $69K later in the month.
BTC is trading at an average price of $64,384 at press time. It’s down by 12% from its all time high of $73,750, recorded on March 14, 2024.
