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Mt. Gox Moves $9.62 Billion in Bitcoin, Signaling Potential Repayments

Mt. Gox Moves $9.62 Billion in Bitcoin, Signaling Potential Repayments

In a major move that gives hope among creditors, the now defunct cryptocurrency exchange Mt. Gox has transferred $9.62 billion worth of Bitcoin to a new wallet.

This involved 141,686 Bitcoins combined into one wallet from various cold wallets.

This move marks the first on-chain movement of Mt. Gox funds in over five years – a positive sign of efforts to return money to users who have been locked out of their accounts since 2014 when the exchange fell apart. Mt. Gox trustee Nobuaki Kobayashi confirmed the consolidation is part of steps to pay back creditors but did not specify when that would begin.

Blockchain expert Anndy Lian suggests that this transfer obviously indicates Mt. Gox’s commitment to making neither further delays nor modifications in its repayment schedule, as stated by an announcement made in September 2023 with a deadline of October 2024. However, these technicalities could easily result in immediate headaches as things drag on.

READ MORE: Bitcoin ETFs Cross 1 Million BTC Milestone Amid Surging US Inflows

This transfer comes as Mt. Gox continues to deal with the aftermath of its 2014 shutdown, when major security breaches caused it to collapse.

Bitcoin’s price experienced a slight drop, reflecting concern over potential selling pressure from creditors and is currently trading at $68,550.

Nevertheless, it’s a significant step in settling one of crypto’s longest standing quarrels.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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