The post Mt. Gox wallets hint at repayments — could the timing be worse? appeared on BitcoinEthereumNews.com.

Ten long years after the notorious Mt. Gox hack, victims may finally be seeing some light at the end of the tunnel. In what look to be test transactions, addresses labeled by Arkham as ‘Mt Gox: Cold Wallet’ began to move small sums of BTC, known as ‘dust,’ earlier this morning. Before being hacked, Tokyo-based Mt. Gox was the world’s primary bitcoin exchange, reportedly processing up to 70% of all BTC transactions at its peak. In February 2014, it suspended withdrawals before announcing the loss of between 650,000 and 850,000 BTC, worth up to $49 billion today, or around $500 million at the time. Read more: Mt. Gox to start creditor repayments next month, asks users to ‘wait a while’ Shortly afterward, 200,000 BTC were recovered from old wallets used by the company. Since then, victims have been waiting for refunds, or have sold off their claims, while repeated delays have hit proceedings. Most recently, in September 2023, the repayment deadline was pushed back by a further year. The Block’s Tim Copeland pointed out that one of the receiving addresses is labeled as Bitbank, one of a few designated exchanges to be used to distribute the funds. This is my best understanding of the Mt Gox wallet movements (that white line is drawn manually because tracer wouldn’t connect the wallets) pic.twitter.com/43eRVjuGVN — Tim Copeland (@Timccopeland) July 4, 2024 Read more: Mt. Gox repays some creditors, emails others to confirm accounts  The movements certainly fit the official timeline. On June 24, the rehabilitation trustee, Nobuaki Kobayashi, stated that repayments would start “from the beginning of July 2024.” Tricky timing  The timing of repayments has the crypto community jittery, especially given the downtrend in BTC price, which is down 16% over the past month according to data from CoinMarketCap. As is often…

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Filed under: News - @ July 4, 2024 3:26 pm