Finance

Mt. Gox Transfers Billions in Bitcoin Ahead of Creditor Payout

May 28, 2024 1 min read

Jump to Summary

Mt. Gox, the defunct Japanese cryptocurrency exchange, has transferred approximately 12,240 BTC, valued at around $840 million, to an unknown wallet. This move is part of the company's plan to repay its creditors by October 31, 2024, following a significant cyberattack in 2014 that led to the loss of 750,000 BTC from customers’ wallets and an additional 100,000 BTC from the exchange’s funds.

The recent transfer marks the first significant movement of assets from Mt. Gox in five years. Despite this transfer, the exchange still holds approximately $9.7 billion in Bitcoin in its identified wallets. The company’s compensation plan, approved by Japanese courts in 2021, involves repaying creditors in Japanese yen, Bitcoin, and Bitcoin Cash. The impact of these transactions on Bitcoin's price remains uncertain, but initial reports indicate a slight drop in Bitcoin's value following the news.

#cryptocurrency #bitcoin #markets #tech

Summary

Other news in finance

Oil Prices Soar as Gulf Storm Threatens Amid Market Recovery

Oil Prices Soar as Gulf Storm Threatens Amid Market Recovery

Oil prices experienced a rebound as a potential hurricane approaches the U.S. Gulf Coast. West Texas Intermediate (WTI) crude futures rose by 1.48% to $68.67 per barrel, and Brent crude futures increased by 1.39% to $72.05 per barrel. This follows a period of declining prices

Friend.tech Token Nosedives After Ceding Smart Contract Control

Friend.tech Token Nosedives After Ceding Smart Contract Control

Friend.tech, a decentralized social media platform, saw a sharp decline in the value of its native token, FRIEND, after the team transferred control of its smart contracts to Ethereum's null address on September 8. This move, aimed at preventing future changes to the platform's fees

Three Israelis Killed in Allenby Crossing Shooting

Three Israelis Killed in Allenby Crossing Shooting

Three Israeli civilians were killed in a shooting at the Allenby Bridge crossing between the West Bank and Jordan. The attacker, identified as a Jordanian truck driver, opened fire on Israeli workers at the crossing before being neutralized by security forces. Three additional individuals were critically injured and are receiving

Tether Diversifies with $100M Investment in Adecoagro

Tether Diversifies with $100M Investment in Adecoagro

Tether, the world's largest stablecoin issuer, has invested $100 million to acquire a 9.8% stake in Adecoagro, a Latin American agricultural company with a presence in Argentina, Brazil, and Uruguay. This acquisition, completed between July 29 and August 16, 2024, involved purchasing over 10 million shares and