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    Mt. Gox Moves $2.19 Billion in Bitcoin, Hinting at Potential Payouts for Long-Waiting Creditors

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    Mt. Gox, the notorious bankrupt crypto exchange, has shifted around $2.19 billion worth of Bitcoin to three new wallets and centralized crypto exchanges OKX and B2C2. It is suggested these funds may be on the way for creditors, who’ve been waiting over a decade. Over the last four days, Mt. Gox’s Bitcoin wallets shifted around 32,000 Bitcoins, 296 of which went to B2C2 and OKX. If the payout goes through, it could prompt some creditors to sell and potentially impact Bitcoin’s market value. As of now, about $825 million in Bitcoin remains in Mt. Gox-affiliated wallets.

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    Mt. Gox, the infamous crypto exchange that went bust, seems to finally be wrapping up its decade-long saga. They’ve moved a whopping $2.19 billion worth of Bitcoin, indicating that the creditors who’ve been waiting ages might see some cash back soon.

    On November 4th, they shifted that hefty sum into three new Bitcoin wallets. Some dough was sent to centralized crypto exchanges OKX and B2C2, according to info shared by Spot on Chainn.

    To put it in numbers, over the last four days, more than 32,000 Bitcoins (around $2.2 billion) moved from Mt. Gox’s coffers. Around 296 of those Bitcoins (equating to $20.13 million) found their way to B2C2 and OKX.

    Mt. Gox’s issues go way back. Approximately 127,000 creditors were due to receive over $9.4 billion in Bitcoin. As they’ve been waiting for more than 10 years, the repayment could create a pressure to sell, which might impact Bitcoin’s price.

    Just so you know, more Bitcoin is in wallets connected to Mt. Gox. About $825 million at the time of writing. Over the ten years since Mt. Gox’s problems started, Bitcoin’s price has surged by a staggering 8,500%. This caused worries that the creditors of the now non-existent crypto exchange might quickly get rid of their Bitcoin, which could possibly affect its market value.

    But most creditors have held onto their Bitcoin rather than selling. On July 30th, Mt. Gox managed to give back 41.5% of the owed Bitcoin to its creditors, i.e., 59,000 Bitcoins. That’s nearly $4 billion, but hardly any was sold off, according to a report from Glassnode released on July 29th.

    A quick recap of who Mt. Gox was – they were once a big deal Bitcoin exchange based out of Japan. But back in 2014, they were hacked and eventually went bankrupt. Over 70% of all the Bitcoin transactions used to pass through Mt. Gox. And then they lost 850,000 Bitcoin in one hack – one of the biggest hack in the crypto world ever.

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