As $9.6 billion BTC moves to new wallets, Mt. Hope for Gox Creditors
The long-defunct cryptocurrency exchange Mt. Cryptocurrency enthusiasts are abuzz with Gox. $9.62 billion worth of Bitcoin (BTC) was transferred to a new wallet, suggesting creditors could soon be repaid.
related transactions Moved 141,686 BTC to a single wallet “1Jbez”, Mt. Consolidates funds from multiple cold wallets associated with Gox.
This move A cryptocurrency exchange has seen its first significant on-chain activity in five years.
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After ceasing trading and withdrawals in 2014, Mt. Gox’s If a user is unable to access their funds; It led to years of uncertainty and frustration.
Recent transfers are seen as a positive sign that the cryptocurrency exchange is active. We are making progress toward repaying creditors, potentially by October 31, 2024.
Adding to the optimism, Mt. Gox Rehabilitation Director Nobuaki Kobayashi confirmed: Consolidation is part of a repayment plan. In a May 28 announcement, Kobayashi said:
In accordance with the rehabilitation plan, the rehabilitation trustee is preparing to repay the portion of cryptocurrency rehabilitation bonds to which cryptocurrency has been allocated.<...> The rehabilitation trustee is making the above repayment preparations, so repayment will be made.
but, There is a possibility of delay, The current deadline was originally set for September 2023. Despite these challenges, the move toward repayment brings hope to the people. There are 127,000 creditors who have been waiting for funds for over 10 years.
Mt., which once dominated the cryptocurrency market, processing more than 70% of all Bitcoin transactions. Gox, collapsed in 2014 After a massive hack and subsequent security breach in 2011. 850,000 BTC was lost in this fallout.
Overall, while challenges and potential delays remain, the cryptocurrency community is hopeful that this long-awaited solution can finally become a reality.
Progress was made in repaying creditors in January of this year, as the cryptocurrency exchange’s trustees actively contacted creditors to verify their identities and account information.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
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