Mt. Gox Begins Distributing $3.2 Billion in Bitcoin to Creditors Starting July 25

Jul 24, 2024, 11:03 AM

Mt. Gox, the defunct cryptocurrency exchange, has begun distributing Bitcoin and Bitcoin Cash to its creditors after a decade-long wait. On July 23, Mt. Gox transferred approximately $2.85 billion worth of Bitcoin to new wallets, including $130 million to Bitstamp. Kraken has started distributing the received Bitcoin to Mt. Gox creditors, with many reporting funds showing in their accounts. Bitstamp has confirmed receipt of Mt. Gox assets and will begin reimbursements on July 25. Despite the large transfers, Bitcoin's price remained relatively stable, trading near $66,000, though concerns about potential sell-offs persist. Mt. Gox has distributed $3.2 billion so far, completing 40% of its repayment plan. The exchange still holds 90,344 BTC, with the latest distributions starting on July 16.