Bitcoin Repayments from Mt. Gox: Anticipated Timeline for Users
After a decade of waiting, early Bitcoin investors who lost their digital coins in the collapse of Mt. Gox are on the verge of recovering their assets. Recent moves by the exchange’s trustee, including a significant test transaction of $2.8 billion in BTC to one of its cold wallets, have stirred up the crypto community.
The focus shifted to a series of large transfers to exchanges when Kraken, a top American crypto exchange, informed its customers that they could expect to receive their Bitcoin within 7-14 days. Kraken is among five exchanges chosen to facilitate the repayment process for over 20,000 former Mt. Gox customers. The majority of customers are expected to receive their coins by early August.
The Mt. Gox trustees have set varying deadlines for the exchanges to distribute the funds to customers. Bitstamp, for instance, plans to start its distributions promptly and not utilize the full 60 days allocated for the process.
Arkham Intelligence data reveals that the Mt. Gox wallet now holds around 90,000 Bitcoin, valued at over $6 billion. Despite recent large BTC movements by Mt. Gox trustees and the German government, the price of Bitcoin remained resilient, even reaching its highest price in a month.
Mt. Gox, once the largest crypto exchange globally, was forced to shut down in 2014 after a major hack that saw criminals steal 850,000 Bitcoin from users, now worth over $57 billion. A rehabilitation proposal approved in 2021 promised to reimburse about 90% of the owed assets to affected customers, who had to file claims last year to reclaim their funds.
Despite the massive amount of Bitcoin stolen, law enforcement efforts managed to recover only 140,000 BTC to repay creditors. As the process unfolds, investors eagerly await the return of their long-lost digital assets.
