Mt. Gox moves $9.6B worth of Bitcoin. Are creditors finally being repaid?

Mt. Gox moves $9.6B worth of Bitcoin. Are creditors finally being repaid?

Collapsed cryptocurrency exchange Mt. Gox moved $9.62 billion worth of Bitcoin into a new wallet, raising hopes among creditors.

The 141,686 Bitcoin was consolidated into wallet “1Jbez” from several other cold wallets associated with Mt. Gox.

These transfers are seen as a potential indication that users who have been unable to access their funds since 2014, when Mt. Gox suspended trading and withdrawals, might finally be repaid.

The transfers represent the first on-chain movement of funds from the exchange in over five years and seem in line with Mt. Gox’s plans to repay creditors by the end of October 2024.

Mt. Gox wallet ‘”1Jbez” Source: CoinStats

The near $10 billion Bitcoin consolidation likely points to Mt. Gox’s plans to repay its users, according to Anndy Lian, intergovernmental blockchain expert and author of NFT: From Zero to Hero. Lian told Cointelegraph:

“This is the first movement of assets from Mt. Gox’s cold wallets in over five years and is likely part of the plan to distribute the assets back to creditors before the promised deadline of Oct. 31, 2024, in my humble opinion.”

Shortly after the reports, Mt. Gox rehabilitation trustee Nobuaki Kobayashi has confirmed that the consolidation is part of the exchange’s plans to start repaying creditors, without mentioning when the repayments will start to occur. Kobayashi wrote in a May 28 announcement:

“The Rehabilitation Trustee is preparing to make repayment for the portion of cryptocurrency rehabilitation claims to which cryptocurrency is allocated… As the Rehabilitation Trustee is proceeding with the preparation for the above repayments, please wait for a while until the repayments are made.

However, the current deadline could face further delays, as it was set in September 2023 — a month before Mt. Gox was initially scheduled to repay the exchange’s creditors by Oct. 31, 2023.

Over $9.4 billion worth of Bitcoin is owed to some of Mt. Gox’s 127,000 creditors who have waited to get it back for over 10 years after the exchange collapsed in 2014 after multiple unnoticed hacks.

Mt. Gox was one of the earliest cryptocurrency exchanges, once facilitating more than 70% of all trades made within the blockchain ecosystem.

Following a major hack in 2011, the site collapsed in 2014; the fallout affected about 24,000 creditors and resulted in the loss of 850,000 BTC.

Markets are pricing in a Mt. Gox repayment

Following the first batch of Mt. Gox transfers, Bitcoin price dipped 2% on May 28, to a daily low below $67,500, before recovering to just above $68,000, according to CoinMarketCap.

BTC/USDT, 4-hour chart. Source: CoinMarketCap

The BTC dip could be a sign of markets pricing in a potential repayment by Mt. Gox, according to Lian:

“The market has reacted to these movements with a slight bearish sentiment, as Bitcoin’s price dropped around 2.1% to as low as $67,505 after the transfer. This could be due to expectations of selling pressure from the creditors once they receive their repayments.”

Despite the slight price dip, Lian said that a potential repayment would resolve one of the most pressing, long-standing issues of the crypto industry.

 

Source: https://cointelegraph.com/news/mt-gox-bitcoin-transfer-9-6b-creditor-repayment-2024

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Bitcoin (BTC) is worth more than the world’s three largest banks combined

Bitcoin (BTC) is worth more than the world’s three largest banks combined

Thank you @TokenPost for the mention. I do believe that Bitcoin and selected cryptocurrencies that have real utility will continue to flourish in this space.

This post is originally posted here. You can also read it on Google News.

Bitcoin (BTC) is worth more than the world’s three largest banks combined

Bitcoin recently set a new all-time high when it traded above $61,000. With the surge in its price, the world’s largest crypto by market capitalization is now worth more than the combined value of the top two payment platforms Mastercard and Visa. BTC is now even more valuable than the combined market cap of the world’s three largest banks JPMorgan Chase, Bank of America, and the Industrial and Commercial Bank of China (ICBC).

BTC set a new all-time when it traded at $61,700 last week, according to Cointelegraph. The crypto’s sky-high price also pushed its market capitalization to a new record of around $1.15 trillion.

With this valuation, Bitcoin is now worth more than the combined capitalizations of two of the world’s largest payment platforms Visa and Mastercard. The combined value of the two payment networks is $871 billion, which is only around 76 percent of BTC’s valuation at its peak.

“Bitcoin’s market cap ($1 trillion) is more than #VISA ($379 billion) and #Mastercard ($492 billion) combined,” investor Anndy Lian tweeted on March 16, 2021. “This is the power of #cryptocurrencies.”

During the time of the tweet, Visa’s market cap is $492.27 billion. Meanwhile, Mastercard’s market valuation is $379.22 billion.

At its all-time highs of $61,700, Bitcoin’s market cap was roughly $1.15 trillion. The combined market cap of JPMorgan Chase, Bank of America, and the Industrial and Commercial Bank of China is $1.08 trillion.

Bitcoin’s market cap is even bigger than the combined capitalization of the three largest banks in the world. The world’s largest crypto is more valuable than JPMorgan Chase, Bank of America, and the Industrial and Commercial Bank of China (ICBC) combined.

According to data from Companiesmarketcap.com, JPMorgan Chase is worth $473.25 billion, Bank of America’s market cap is $327.40 billion, and the Industrial and Commercial Bank of China’s cap is $291.22 billion. This means that the world’s top three banks’ combined market capitalization is $1.09 trillion, around 95 percent of BTC’s market cap of $1.15 trillion.

TokenPost | info@tokenpost.com

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j