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As of July 23, 2024, significant developments occurred regarding the Mt. Gox compensation process. According to analyst Yu Jin, Mt. Gox transferred a substantial amount of 56,452.9 BTC, equivalent to approximately $3.558 billion, to various cryptocurrency exchanges for compensation distribution. This move marks an important step in the long-awaited compensation process for the victims of the Mt. Gox exchange collapse.
Distribution Details
The compensation distribution is being carried out through five major exchanges: Bitbank, SBI VC Trade, Kraken, Bitstamp, and BitGo. Each of these platforms plays a role in handling and executing the distribution of BTC to the affected parties. The process involves transferring BTC from the Mt. Gox address to these exchanges and then managing the distribution to the rightful claimants.
The data regarding BTC transfers is as follows: On July 5, 2024, a total of 1,544.6 BTC was transferred to Bitbank, and an additional 1,157 BTC was sent to SBI VC Trade. Later, on July 16, a significant transfer of 48,641.2 BTC was made to Kraken. The most recent transfer occurred on July 23, with 5,110.1 BTC sent to Bitstamp. These transfers demonstrated the ongoing efforts to compensate Mt. Gox creditors as part of the exchange’s rehabilitation plan.
How Much Bitcoin Has Been Allocated in Total?
To date, a total of 141,685 BTC has been allocated for compensation under the Mt. Gox rehabilitation plan. This total includes the BTC transferred to the aforementioned exchanges as well as additional amounts involved in the compensation process. However, there remains a balance of 85,000 BTC that has yet to be transferred and distributed. This remaining amount will likely be distributed in the upcoming stages of the compensation process.
The Mt. Gox compensation plan represents a significant milestone in addressing the fallout from the exchange’s collapse. The process, ongoing for nearly a decade, aims to repay creditors who suffered losses when Mt. Gox, once one of the largest Bitcoin exchanges, went bankrupt in 2014. The structured approach involving multiple exchanges helps ensure the distribution process is managed efficiently and transparently.
