In a noteworthy move in the cryptocurrency market, the defunct Bitcoin exchange Mt. Gox reportedly transferred at least 42,830 Bitcoin from its cold wallets, according to data from the Arkham Intelligence platform. This amount is equivalent to approximately $2.9 billion.
The platform’s data revealed that Mt. Gox conducted the asset transfers in multiple transactions to an unknown address starting at 11 a.m. Hong Kong time on May 28.
However, according to information published by The Block, the bankrupt exchange subsequently conducted additional transactions, moving at least $9.6 billion worth of Bitcoin tokens to an unknown address.
This recent notable movement marks the first time in the last five years that Mt. Gox has made asset transfers from its wallets. The tracking platform Arkham highlighted in its data that the company still holds approximately $9.43 billion worth of bitcoins in its wallets.
In this article, we will discuss:
What is Mt. Gox in the crypto market?
Did Mt. Gox initiate reimbursements related to the Bitcoin hack in 2014?
What is Mt. Gox in the crypto market?
Mt. Gox was one of the first Bitcoin exchanges in the world and played a crucial role in popularizing the cryptocurrency. Mt. Gox, a prominent cryptocurrency exchange, was established in July 2010. It quickly emerged as the world’s leading platform for Bitcoin trading, accounting for over 70% of all BTC transactions within three years.
In February 2014, Mt. Gox faced a pivotal and devastating event. The company announced that hackers had stolen over 850,000 BTC, of which 750,000 belonged to its customers. At that time, the value of these stolen Bitcoins was approximately $450 million. Currently, this amount would equate to a significantly larger sum, reaching several billion dollars.
Did Mt. Gox initiate reimbursements related to the Bitcoin hack in 2014?
It appears that the defunct cryptocurrency exchange Mt. Gox initiated the reimbursement of its customers who lost 850,000 Bitcoins (BTC) in a 2014 hack. Currently, the hacked bitcoins are worth approximately $36 billion.
On Reddit, some participants claimed to have received payments in yen through the Paypal platform. However, other customers who chose to receive payment through their bank accounts stated that no money had been deposited.
All creditors are set to receive a base payment, either upfront or a potentially different amount later. Payments will be provided in cryptocurrency, fiat currency, or both, and will be sent to the recipient’s bank account or cryptocurrency exchange.
Disclaimer: The views and opinions expressed by the author or anyone mentioned in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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