Mt. Gox, the defunct Japanese cryptocurrency exchange, recently initiated a significant transaction by transferring Bitcoin valued at $2.7 billion to a new wallet address. This move, the first of its kind since May, follows a series of smaller test transactions conducted the previous day.
According to a report from Arkham Intelligence on Thursday, a cold storage wallet owned by Mt. Gox moved 47,228 BTC to a wallet address ending with “6onk.” This transfer aligns with the exchange’s ongoing efforts to repay creditors, aiming to distribute $9 billion in Bitcoin early this month.
In June, Nobuaki Kobayashi, the trustee overseeing Mt. Gox’s proceedings, confirmed that all preparations for creditor repayments had been finalized, with disbursements scheduled to commence in early July as planned.
Creditors, who have endured over a decade of waiting since Mt. Gox’s collapse following a 2014 hack, are now closer to recovering their investments. A verification process led by the trustee in January cleared the way for the long-delayed return of funds. While specific payout dates to designated exchanges remain undisclosed, progress towards resolution is evident.
The total disbursement expected includes 142,000 Bitcoin, 143,000 Bitcoin Cash, and 69 billion yen by October 2024. As the repayment process gains momentum, Mt. Gox creditors have updated their claims, anticipating receipt of repayments in both cryptocurrency and fiat.
Initial reports surfaced on the Mt. Gox insolvency Subreddit in mid-April, revealing details from users’ repayment data tables outlining expected payments. Some creditors have already reported successful deposits of fiat currencies into their bank accounts.
Despite these positive developments, analysts at K33 Research caution that injecting such a substantial amount of Bitcoin back into the market may induce price instability, potentially exerting downward pressure on Bitcoin’s value.
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