Mt. Gox, a Japanese-based Bitcoin exchange that is now defunct, recently completed a significant BTC transfer, moving over $2 billion worth of BTC to various crypto wallet addresses as part of its repayment plan. This marks a major milestone as the exchange’s distribution funds have dwindled considerably.
On July 31, Arkham Intelligence, an AI-powered blockchain analytics platform, revealed that Mt. Gox executed a massive BTC transfer of 33,960 BTC valued at $2.25 billion. The transfer was likely sent to addresses associated with BitGo, a digital asset trust company and security firm, which is the final custodian working with Mt. Gox to return funds to creditors.
After this transfer, Mt. Gox currently holds around 32,899 BTC worth over $2.11 billion. This reduction in holdings is a result of the exchange’s efforts to distribute recovered Bitcoin and Bitcoin Cash to creditors who were affected by a hack attack in 2014, during which hundreds of thousands of BTC were stolen.
Since the hack, Mt. Gox has recovered approximately 141,686 BTC. However, the exchange’s BTC distribution holdings have decreased by 76.5% due to large-scale transfers. Lookonchain, another blockchain analysis platform, reported that Mt. Gox moved 47,229 BTC worth $3.13 billion to unknown wallet addresses on July 31, and a total of 61,559 BTC valued at $3.89 billion to various crypto exchanges since July 5.
Mt. Gox has been making repayments to over 17,000 creditors using designated cryptocurrency exchanges. The rehabilitation trustee, Nobuaki Kobayashi, announced on July 24 that repayments in Bitcoin and Bitcoin Cash had been successfully made, with further payments planned as redistribution conditions are met. The trustee urged remaining eligible creditors to be patient as the repayment process continues.
As Mt. Gox’s repayment funds dwindle, the exchange’s reimbursement plans are nearing completion. This marks a significant milestone in the long road to recovery for creditors affected by the 2014 hack. Despite challenges and setbacks, Mt. Gox is making progress in returning funds to creditors and closing this chapter in its turbulent history.
