In the five years leading up to the payback deadline in October 2024, this transfer is the first substantial on-chain movement from accounts associated with Mt. Gox.
Wallet “1Jbez” has 141,686 bitcoins that were transferred from many cold wallets linked to Mt. Gox. Some have speculated that these transactions could finally mean that customers would get their money back after being unable to do so since 2014, when Mt. Gox stopped processing withdrawals and trading.
It seems that these transactions are in accordance with Mt. Gox’s intentions to repay creditors by the end of October 2024, since they constitute the first on-chain movement of cash from the exchange in more than five years.
Anndy Lian, a specialist in intergovernmental blockchain and author of NFT: From Zero to Hero, claims that the over $10 billion Bitcoin consolidation indicates that Mt. Gox intends to compensate its customers.
Nobuaki Kobayashi, the Mt. Gox rehabilitation trustee, acknowledged the consolidation shortly after the rumors surfaced, although he did not specify when the exchange intends to begin repaying its creditors. Kobayashi announced on May 28:
In order to cover the costs associated with the rehabilitation claims which include bitcoin, the Rehabilitation Trustee is getting ready to reimburse the funds. Kindly be patient, as the Rehabilitation Trustee is currently working on the necessary arrangements for the aforementioned repayments.
Since the present deadline was established in September 2023, one month before the original October 31, 2023, deadline for Mt. Gox to repay the exchange’s creditors, it is possible that more extensions may be granted.
Twelve hundred and seventy-five thousand people have been waiting for more than a decade for their $9.4 billion in Bitcoin after the Mt. Gox exchange crashed in 2014 due to several undetected breaches.
Among the first bitcoin exchanges, Mt. Gox handled almost 70% of all blockchain-related transactions at one point.
The site went down in 2014 after a big attack in 2011; as a consequence, 850,000 BTC were lost and around 24,000 creditors were impacted.
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