The Mt. Gox Trustee has transferred $2.25 billion in Bitcoin to two BitGo addresses as part of a $9 billion creditor repayment plan. After sending approximately $3 billion in Bitcoin to Kraken and at least $335.8 million to Bitstamp, the defunct crypto exchange Mt. Gox also settled transfers to BitGo on July 31.

Initially, it was unclear where the platform moved funds to. However, the Trustee’s emails to users and Akrham intelligence confirmed BitGo as the recipient.

Users reported that BitGo balances had not reflected the payments at the time of reporting. Bitcoin initially fell below $66,000 following news of the transfers to BitGo, but the cryptocurrency quickly recovered from losses and traded back above $66,500.

BitGo was the fifth and final custodian designated to handle creditor repayments after a 10-year wait period.

Following a series of hacks between 2011 and 2014, more than 20,000 users waited over a decade for reimbursement. Mt. Gox held some 46,160 BTC worth over $3 billion after the Trustee transferred Bitcoin and other cryptocurrencies like Bitcoin Cash (BCH) to Kraken, Bitstamp, BitGo, and two other crypto exchanges.

Data suggests that the defunct trading venue has settled just over $5.5 billion in BTC repayments, indicating that the outstanding $3 billion in Bitcoin may also be disbursed to creditors. One user pointed to an alleged Trustee email stating that 17,000 out of 20,000 creditors have received payments. As of writing, this claim remains unverified.

For more updates on cryptocurrency news, continue exploring the articles on Global Crypto News.

Post Views: 2