**Mt. Gox Prepares for Creditor Reimbursement with Recent Bitcoin Transfer**
CryptoNewsTerminal Staff28 May, 2024
**Mt. Gox Prepares for Creditor Reimbursement with Recent Bitcoin Transfer**
Former CEO of Mt. Gox, Mark Karpeles, has confirmed that the recent transfer of 141,600 BTC (approximately $9.64 billion) from the exchange's cold wallet is in preparation for the reimbursement of creditors. This marks the first significant movement of funds from Mt. Gox since 2018. The transfer comes as Mt. Gox prepares to distribute the remaining assets to creditors following a years-long legal battle. The exchange was declared bankrupt in 2014 after losing over 850,000 BTC to a hack. The news of the transfer has raised hopes among creditors who have been eagerly awaiting compensation for their lost funds. The exact timing of the reimbursement is still uncertain, but creditors can expect to receive a portion of their original holdings.
