Bitcoin Cash

2024

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The Mt. Gox Trustee sent $2.25 billion in Bitcoin to two BitGo addresses as part of a $9 billion creditor repayment plan. 
After sending about $3 billion in Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) to Kraken and at least $335.8 million to Bitstamp, the defunct crypto exchange Mt. Gox also settled transfers to BitGo on July 31. 
It was previously unclear where the platform moved funds to as crypto.news <a href="https://crypto.news/bitcoin-drops-below-66k-as-mt-gox-moves-2b/" target="_blank" rel="noreferrer noopener">reported</a>. However, the Trustee’s emails to users cited on a subreddit <a href="https://www.reddit.com/r/mtgoxinsolvency/comments/1egezz2/bitgo_email_notification_of_btcbch_transfer/" target="_blank" rel="">dubbed</a> “mtgoxinsolvency” and Akrham intelligence confirmed BitGo was the recipient.&nbsp; 
Users said BitGo balances had not reflected the payments at press time.&nbsp;BTC initially fell below $66,000 after news of transfers to BitGo, but the cryptocurrency quickly recovered from losses and traded back above $66,500. 
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 24-hour BTC chart on July 31 | Source: <a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">crypto.news</a>
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 You might also like: <a href="https://crypto.news/bitcoin-drops-below-66k-as-mt-gox-moves-2b/"> Bitcoin drops below $66k as Mt. Gox moves $2b </a> 
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.&nbsp; 
Mt. Gox held some 46,160 BTC worth over $3 billion after the Trustee <a href="https://crypto.news/tag/mt.gox/">transferred</a> Bitcoin and other cryptocurrencies like Bitcoin Cash (BCH) to Kraken, Bitstamp, BitGo, and two other crypto exchanges.&nbsp; 
Since data signaled that the defunct trading venue has settled just over $5.5 billion in BTC repayments, it’s possible that the outstanding $3 billion in Bitcoin may also be disbursed to creditors.&nbsp;One user pointed to a supposed Trustee email claiming that 17,000 out of 20,000 creditors have received payments. As of writing, crypto.news was unable to verify the claim. 
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 17.000 creditors repaid <a href="https://t.co/W7okR2WAbA" target="_blank" rel="">pic.twitter.com/W7okR2WAbA</a>— Alex (@Alex19462285) <a href="https://twitter.com/Alex19462285/status/1818605798714479087?ref_src=twsrc%5Etfw" target="_blank" rel="">July 31, 2024</a>
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 Read more: <a href="https://crypto.news/trumps-bitcoin-speech-sparks-2-6m-polymarket-dispute/"> Trump’s Bitcoin speech sparks $2.6m Polymarket dispute </a>

Mt. Gox holds $3b in Bitcoin after BitGo transfer

crypto.news

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