Mt. Gox Bitcoin Holdings Shrink by 25% Ahead of Creditor Refunds

IconCryptoNewsTerminal Staff24 Aug, 2024

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Mt. Gox Bitcoin Holdings Shrink by 25% Ahead of Creditor Refunds

Mt. Gox Bitcoin Holdings Depleted Before Creditor Refunds According to crypto forensic firm ArkAM, the Bitcoin (BTC) balance held by bankrupt crypto exchange Mt. Gox has decreased by 25% prior to the commencement of creditor refunds. ArkAM recently reported that since early 2021, Mt. Gox possessed approximately 141,690 BTC, equivalent to $10.12 billion at its peak in March 2024. However, the exchange's current BTC holdings stand at around 32,900, valued at $2.11 billion based on current market conditions. Mt. Gox initiated the process of refunding BTC and BCH to creditors on July 25 through platforms like Bitstamp, Bitbank, SBI VC Trade, and Kraken. The firm expects to complete the distribution by September 30.

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