Mt. Gox, the once-prominent cryptocurrency exchange that halted its services in 2014, has initiated the disbursement of Bitcoin and Bitcoin Cash to its debtors. The commencement of payments was confirmed by an announcement from the Rehabilitation Trustee of Mt. Gox, noting that the reimbursements are being processed via specific exchanges, including Bitbank and SBI.
In a recent development, Arkham disclosed the transfer of 1.545 BTC, which is roughly equivalent to US$84 million, from the Mt. Gox wallet directly to the Bitbank hot wallet. This transaction was soon followed by an even larger transfer of 47.229 BTC, estimated to be worth around $2.7 billion, to an undisclosed new location.
The repayment procedure got underway in July, as previously declared, signifying a significant milestone for the erstwhile patrons of the exchange.
Established by Jed McCaleb in 2010 and subsequently acquired by Mark Karpelès, Mt. Gox was a dominant force in the bitcoin arena until its collapse in 2014. A series of security lapses and operational issues, including breaches and pauses in trading, eroded its credibility, ultimately leading to the exchange’s shutdown.
The disappearance of 744,408 bitcoins due to a security lapse compelled Mt. Gox to seek bankruptcy protection. This monumental incident continues to echo throughout the cryptocurrency market today.
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The perspectives and opinions presented by the writer, or any individuals mentioned herein, are solely for informational ends and should not be interpreted as financial, investment, or other forms of advice. Engaging in cryptocurrency investments or trades poses a risk of monetary loss.
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