Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Mt. Gox customers to receive crypto assets after 10-year wait

Mt. Gox customers to receive crypto assets after 10-year wait

BlockworksBlockworks2024/07/25 06:49
By:Blockworks

Markets are holding relatively steady despite the supply shock

Repayments to the customers of Mt. Gox are set to begin after a decade-long court process. 

Tokyo-based Mt. Gox once processed more than 70% of all BTC transactions at its peak before collapsing in 2014 after the loss of 950,000 BTC. Bitcoin was worth just $600 at the time.

About 20,658 customers will receive a portion of their lost assets this month, estimated at over $9 billion worth of BTC, BCH and ETH today.

The repayment process is planned to begin with BTC and BCH repayments first, according to Mt. Gox’s rehabilitation trustee. 

Kraken CEO David Ripley announced the successful redistribution of Mt. Gox BTC and BCH to creditors yesterday. A sum of 48,641 BTC was sent to an address suspected to be a Kraken wallet on July 16.

Loading Tweet..

Bitstamp has publicly confirmed receiving funds and began redistributing Mt. Gox assets back to non-UK creditors. 

Loading Tweet..

Arkham Intelligence data first showed that the European-based exchange received on Monday 1,980 BTC and 382,377 BTC in two separate transactions, followed by another 1,979 BTC and 382 BTC yesterday.

Despite long-standing fears of a supply overhang , prices of both assets are holding steady on the news. BTC is up 0.3% to $66,064, while BCH has seen a slight decline of 0.3% to $366.

Based on Arkham’s data, Mt. Gox still holds about 90,344 BTC ($5.77 billion), about 64% of the original 140,000 BTC recovered by law enforcement.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter .

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter .

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags
  • BTC
  • mt gox
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

1MCHEEMSUSDT now launched for futures trading and trading bots

Bitget has launched 1MCHEEMSUSDT for futures trading with a maximum leverage of 20, along with support for futures trading bots, on November 25, 2024 (UTC+8). Welcome to try futures trading via our official website (www.bitget.com) or Bitget APP. 1MCHEEMSUSDT-M perpetual futures: Parameters Details

Bitget Announcement2024/11/25 09:01

Token listing: Instantly buy/sell BTC with EUR & BRL via cash conversion!

Bitget users can now instantly buy or sell BTC with EUR or BRL balances via cash conversion! Buy/Sell Crypto Tips: Enjoy a transaction fee rebate in USDT on your first cash conversion transaction! Additional perks >>> Flash Monday: Buy crypto with a credit/debit card for zero fees >>> Flash Thursda

Bitget Announcement2024/11/25 08:12

Orbiter Finance collaborates with the Ethereum Foundation and the University of California, Santa Barbara to enhance the security model of bridging p

Since its establishment in 2021, Orbiter has been deeply exploring security, aiming to become a reliable infrastructure in the cross-chain field.

Chaincatcher2024/11/25 07:55