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

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.