Bitcoin

when

Arkham

Billion

<ul>
  
 <li>Bitgo begins Mt. Gox repayments, moving $2B in Bitcoin, signalling relief for creditors awaiting assets since 2014.</li>   
 <li>67.7% of Mt. Gox repayments completed, with $3.2B Bitcoin distributed to creditors. Bitgo marks a critical milestone.</li>   
 <li>Despite challenges, Mt. Gox repayments are near completion. Over $9.4B Bitcoin is owed, with final payouts expected by August's end.</li> 
</ul>   
<p>Bitgo, one of the exchanges collaborating with the Trustee of the bankrupt site, made a noteworthy move that may lead to the start of the much anticipated Mt. Gox payouts. Bitgo started a $2 billion Bitcoin (BTC) test transaction. In the process of paying creditors who lost money when the once-dominant <a href="https://cryptonewsland.com/bitcoin-exchange-reserves-plunge-to-lowest-level-in-three-years/" target="_blank" rel="noreferrer noopener sponsored nofollow">bitcoin exchange</a> crashed in 2014, this is a significant turning point.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/ArkhamIntel/status/1823375642953486636 
 </div>
</figure>   
<h3 class="wp-block-heading" id="h-bitgo-s-role-in-the-repayment-process"><strong>Bitgo's Role in the Repayment Process</strong></h3>   
<p>According to <a href="https://platform.arkhamintelligence.com/explorer/address/bc1q26tsxc0ge7phvcr2kyczexqf5pcj8rk79cqk90h34c30dn9dskeq3gmw3f" target="_blank" rel="noreferrer noopener nofollow">Arkham Intelligence</a>, the Bitgo-associated wallet, identified as bc1q26, received 33,105 BTC, valued at approximately $2.19 billion two weeks ago. The current value of this BTC stash stands at $1.97 billion, reflecting recent market fluctuations.&nbsp;</p>   
<p>On August 13, Bitgo's wallet executed a small test transaction worth $5.88, signalling the imminent start of repayments to Mt. Gox creditors. Consequently, this move brings hope to the thousands of creditors who have been waiting for nearly a decade to reclaim their assets.</p>   
<h3 class="wp-block-heading" id="h-progress-in-fund-distribution"><strong>Progress in Fund Distribution</strong></h3>   
<p>The distribution process has already seen progress, with 67.7% of the repayments completed.17,000 creditors have received distributions of more than $3.2 billion worth of Bitcoin, according to data from CryptoQuant. The <a href="https://coinmarketcap.com/currencies/bitcoin/">price</a> of BTC has held steady and doesn't appear to be disrupted in spite of this substantial dividend.</p>   
<p>The completion of Mt. Gox repayments is expected to have a considerable impact on the crypto market. Glassnode's July report highlighted this event as the resolution of a "major market overhang" that has persisted since the exchange's collapse in 2013.</p>   
<h3 class="wp-block-heading" id="h-challenges-and-expectations"><strong>Challenges and Expectations</strong></h3>   
<p>Although <a href="https://www.bitgo.com/" target="_blank" rel="noreferrer noopener nofollow">Bitgo</a> has made strides in initiating repayments, challenges remain. Some creditors on Kraken have reported no BTC repayments, while Bitstamp users have faced <a href="https://cryptonewsland.com/memecoin-creator-account-makenowmeme-suspended-on-x-for-rule-violations/" target="_blank" rel="noreferrer noopener sponsored nofollow">withdrawal restrictions</a> due to verification steps. Moreover, some creditors on Bitgo have raised concerns about a perceived favourable approach toward institutional beneficiaries.</p>   
<p>Despite these issues, the overall progress is noteworthy. The finalization of Mt. Gox repayments is expected by the end of August. This development represents a key milestone in resolving one of the longest-standing difficulties in the cryptocurrency sector, with creditors owed over $9.4 billion worth of Bitcoin.</p> 
<p>The post <a href="https://cryptonewsland.com/bitgo-initiates-mt-gox-repayments-2-billion-bitcoin-move-signals-relief-for-creditors/">Bitgo Initiates Mt. Gox Repayments: $2 Billion Bitcoin Move Signals Relief for Creditors</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Bitgo Initiates Mt. Gox Repayments: $2 Billion Bitcoin Move Signals Relief for Creditors

Table of Contents

Crypto News Land

Other articles published on Aug 14, 2024

Goldman Sachs Contradicts Past Skepticism with $418M Bitcoin ETF Investment

Goldman Sachs Contradicts Past Skepticism with $418M Bitcoin ETF Investment

Lido Finance Ventures Beyond Ethereum, Expands to BNB Chain

Crypto.com becomes the official UEFA Champions League partner

Ethereum’s Gas Fees Dive to Lowest Since Mid-2019 Amid Increased Layer 2 Transactions

Do Kwon to be Extradited to South Korea: Montenegro Court Upholds Decision

Join our free newsletter for daily crypto updates!