The rehabilitation trustee for the now-defunct Mt. Gox<\/a> exchange moved over $6 billion worth of bitcoin on Tuesday morning as it took further steps toward reimbursing creditors.<\/p>\n

JUST IN: Mt. Gox moved 95,870 #Bitcoin<\/a> worth $6 billion to unknown addresses \ud83d\udc40 pic.twitter.com\/duCIiVPcsK<\/a><\/p>\n

\u2014 Bitcoin Magazine (@BitcoinMagazine) July 16, 2024<\/a><\/p>\n

On-chain data<\/a> shows that Mt. Gox’s wallet transferred around 95,870 BTC across two transactions to newly-created addresses. The first shift of 47,000 bitcoin was valued at nearly $3 billion.<\/p>\n

The destination wallets remain unidentified but are presumed to be linked to Mt. Gox’s ongoing repayment process. The exchange owes creditors $9 billion in total, stemming from Bitcoin lost in Mt. Gox’s infamous 2014 hack.<\/p>\n

Saturday’s large transactions follow initial smaller test transfers last week as Mt. Gox prepared to distribute funds. Analysts have feared the payouts could weigh on Bitcoin’s price<\/a> if creditors immediately liquidate holdings.<\/p>\n

So far, the transfers have coincided with dips below $64,000 as markets reacted cautiously. But the expectation remains that most creditors will hold the restored coins rather than rush to sell.<\/p>\n

While unnerving for traders, the long-awaited Mt. Gox reimbursement will close the book on one of the Bitcoin industry’s most infamous episodes. Tens of thousands of early adopters lost holdings when the pioneering exchange collapsed.<\/p>\n

Over eight years later, creditors will finally recoup some of those early losses. The saga underscores Bitcoin’s resilience and the community’s commitment to accountable custody and transparent transactions.<\/p>","protected":false},"excerpt":{"rendered":"

The rehabilitation trustee for the now-defunct Mt. Gox exchange moved over $6 billion worth of bitcoin on Tuesday morning as it took further steps toward reimbursing creditors. JUST IN: Mt. Gox moved 95,870 #Bitcoin worth $6 billion to unknown addresses \ud83d\udc40 pic.twitter.com\/duCIiVPcsK \u2014 Bitcoin Magazine (@BitcoinMagazine) July 16, 2024 On-chain data shows that Mt. Gox’s […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-26456","post","type-post","status-publish","format-standard","hentry","category-crypto-news"],"_links":{"self":[{"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/posts\/26456","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/comments?post=26456"}],"version-history":[{"count":0,"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/posts\/26456\/revisions"}],"wp:attachment":[{"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/media?parent=26456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/categories?post=26456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/tags?post=26456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}