{"id":3448,"date":"2024-07-16T09:51:39","date_gmt":"2024-07-16T09:51:39","guid":{"rendered":"https:\/\/cryptd.in\/mt-gox-moves-6-billion-worth-of-bitcoin\/"},"modified":"2024-07-16T09:51:39","modified_gmt":"2024-07-16T09:51:39","slug":"mt-gox-moves-6-billion-worth-of-bitcoin","status":"publish","type":"post","link":"https:\/\/cryptd.in\/lt\/mt-gox-moves-6-billion-worth-of-bitcoin\/","title":{"rendered":"Mt. Gox Moves $6 Billion Worth of Bitcoin"},"content":{"rendered":"

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

- \"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":3449,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[25],"class_list":["post-3448","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds","tag-bitcoin"],"yoast_head":"\nMt. 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