Mt. Gox moved over $700 million worth of Bitcoin to unknown wallets, its first major transaction in weeks. The defunct exchange still owes billions to victims of its 2014 hack.
Mt. Gox's rehabilitation trustee transferred around $6 billion worth of Bitcoin to new wallets, taking further steps to reimburse creditors from the exchange's infamous 2014 hack.
Bitcoin's price plunged below $55,000 as the now-defunct Mt Gox exchange began distributing billions in owed funds to creditors, sparking a broader Bitcoin and crypto market sell-off.
Defunct Bitcoin exchange Mt. Gox announced it will finally begin distributing assets stolen in its 2014 hack to victims starting in July 2024, after years of delays.
The Mt. Gox rehabilitation trustee asked creditors to choose between bitcoin, cash or Bitcoin Cash to receive repayment, risking pressuring the market further.
