Legacy cryptocurrency exchange Mt. Gox transferred 500 BTC, worth around $35 million, to two unknown cold wallets.
Indeed, this is a very timely decision given that the Mt. Gox bankruptcy trustees have just extended the deadline for repaying creditors until October 31, 2025. Announced on October 10, this extension gives more time for the complicated procedure of compensating victims of the crisis. collapse in 2014.
Mt. Gox has had a significant impact on the cryptocurrency market since its collapse approximately ten years ago. It was once the world’s largest Bitcoin exchange, whose famous hacking incident resulted in the loss of 850,000 BTC, one of the worst security breaches the industry has ever seen.
The transfer also coincided with a 3.8% drop in the price of Bitcoin, after hitting its March all-time high of $73,750. This week, BTC traded as high as $73,544, a few hundred dollars below all-time highs. However, BTC has since retraced its price and is currently trading at around $69,523.
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