How is the Mt.Gox Disbursement Process Going?

Mt. Gox, the cryptocurrency exchange that collapsed in February 2014, has begun the process of repaying its creditors after nearly a decade.

Lookonchain, a prominent blockchain analytics platform, reported today that Mt. Gox has transferred 0.021 BTC, roughly worth $1,390, into a new wallet. This small transfer is likely a preliminary test transaction as the exchange prepares to continue paying its obligations to creditors.

Additionally, on July 5, approximately 1,545 BTC worth around $99 million were transferred to the Japanese exchange Bitbank, and another 1,157.1 BTC worth $63.6 million were sent to an unidentified party.

On July 16, approximately 48,641 BTC worth $3.11 billion were transferred to an address believed to be on Kraken.

Mt. Gox transferred 0.021 $BTC($1.39K) to a new wallet 10 minutes ago, which may be preparing for repayment.#MtGox currently holds 90,344 $BTC($6.11B).https://t.co/f2q66eQNuk pic.twitter.com/QzBGFn3y1h

— Lookonchain (@lookonchain) July 22, 2024

Mt. Gox currently holds 90,344 BTC worth approximately $6.11 billion pending distribution. The remaining BTC, along with Bitcoin Cash (BCH) from the 2018 hard fork, will be distributed in the coming months.

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Mt. Gox’s receiver Nobuaki Kobayashi recently announced that more than 13,000 creditors have been paid so far out of 20,658 individual creditors. This indicates that about 65% of creditors are covered by the repayment process.

Kosta Gushterov