Mt. Gox, the once-mighty crypto exchange that went belly up in 2014, is back in the news. They just moved over 32,000 Bitcoin, worth a whopping $2.19 billion, to an unknown address.
A Big Move
This transfer happened while Bitcoin’s price was hanging around $65,000 to $73,000. Experts think this move is related to the upcoming settlement and repayment to Mt. Gox’s creditors.
According to analysts, Mt. Gox still has over 44,000 Bitcoin in its possession, which is worth around $3 billion.
A History of Hacking
Mt. Gox used to be the biggest crypto exchange in the world, handling over 70% of all Bitcoin transactions at its peak. But a series of hacks and security breaches between 2011 and 2014 brought the exchange down. They lost a staggering 850,000 Bitcoin, making it one of the biggest crypto heists ever.
While law enforcement recovered about 140,000 Bitcoin, it wasn’t enough to save Mt. Gox, and they eventually filed for bankruptcy.
Repayment Deadline Extended
As part of the bankruptcy plan, Mt. Gox has to repay its creditors and former customers. The repayment deadline has been pushed back a year, giving them until the end of October 2025 to settle up.
This repayment process is a big challenge for Mt. Gox, as they’re dealing with billions of dollars. Some analysts are worried that creditors might sell off their Bitcoin to get their money back, which could cause a big drop in the price of Bitcoin.
