The defunct exchange makes significant strides in its repayment plan, signaling progress towards resolving the infamous 2014 hack.
The long-awaited resolution of the Mt. Gox Bitcoin saga is finally within reach. The defunct Japanese Bitcoin exchange has made significant strides in its repayment plan, transferring over $2 billion worth of Bitcoin (BTC) to facilitate the return of funds to creditors affected by the infamous 2014 hack. Here’s a breakdown of the latest developments and what remains to be done.
Mt. Gox recently transferred 33,960 BTC, valued at approximately $2.25 billion, to crypto wallet addresses. This substantial move indicates that the exchange's repayment plan is nearing completion. The transfer was likely made to BitGo, the final custodian aiding in the return of funds to creditors.
Following this significant transfer, Mt. Gox now holds approximately 32,899 BTC, worth over $2.11 billion. This marks a 76.5% decrease in its BTC distribution holdings, as the exchange has been diligently working to return funds to those affected by the hack.
Since the 2014 hack, Mt. Gox has recovered about 141,686 BTC. The exchange has already made repayments to over 17,000 creditors in Bitcoin and Bitcoin Cash. Further payments are promised as certain conditions are met, ensuring that all affected parties receive their due compensation.
While the recent transfer is a significant milestone, the process is not yet complete. Mt. Gox continues to work towards fulfilling its obligations to creditors, with additional payments planned as the redistribution conditions are met. The end of this long and complex saga is in sight, bringing closure to one of the most significant events in the history of cryptocurrency.
