In a pivotal development for the cryptocurrency community, Mt. Gox, the once-dominant Bitcoin exchange that fell victim to a major hack, has commenced the process of redistributing funds to compensate victims. A recent transaction involving 44,527 BTC, valued at approximately $2.84 billion, has been traced to an internal wallet of the exchange, signaling a significant step towards resolving one of the industry’s most protracted sagas.
Currently in possession of 138,985 BTC, equivalent to about $8.87 billion, Mt. Gox’s latest move has sparked widespread interest and volatility in the market. Following news of the transfer, Bitcoin’s price swiftly dropped from around $65,000 to approximately $63,315 per unit, underscoring the impact of the exchange’s large-scale transaction.
The anticipated distribution of funds to victims of the infamous Mt. Gox hack has long been awaited, with market observers closely monitoring developments surrounding the exchange’s substantial Bitcoin reserves. This latest maneuver by Mt. Gox suggests a crucial phase in its rehabilitation process, potentially paving the way for affected investors to finally receive restitution after years of uncertainty.
