After completing a large Bitcoin move worth over $2 billion, Mt. Gox, a former Japanese Bitcoin exchange, is almost done with its repayment plan.
As part of Mt. Gox’s plan to give back recovered Bitcoin to people who were touched by the 2014 hack, hundreds of thousands of BTC worth about $450 million were stolen. Mt. Gox has recovered about 141,686 BTC since the hack, but recent big transfers have cut its holdings by 76.5% from what it had recovered.
Lookonchain, a different blockchain analysis tool, said that Mt. Gox sent 47,229 BTC, which is worth $3.13 billion, to three unknown wallet addresses on July 31.
Since July 5, Mt. Gox has sent 61,559 BTC, which is worth $3.89 billion, to Bitstamp, Kraken, Bitbank, and SBI VC Trade, among others. Mt. Gox is almost done with its Bitcoin payback efforts, as it has less than half of the money it set aside to do so left.
Mt. Gox’s rehabilitation trustee, Nobuaki Kobayashi, revealed that the exchange had paid back over 17,000 creditors in Bitcoin and Bitcoin Cash. After earlier distributions on July 5 and 16, the payments were made through official Bitcoin exchanges.
The crypto market will be affected for a long time by the completion of Mt. Gox’s repayment plan, which will set a standard for how to handle similar cases in the future.
Lessons learned from the Mt. Gox collapse make it clear how important it is to have strong security measures, regulatory oversight, and open processes to protect users and investors.
