Mt. Gox, a defunct crypto exchange and victim of one of the largest crypto hacks in history, has not withdrawn its plans to repay creditors. Despite the market downtrend leading to decreasing value, the firm has moved over $1 billion in bitcoin (BTC) to a few exchanges to continue refunding hack victims, though a few years have passed since the incident.
Mt.Gox declared bankruptcy and ceased operations in February 2014 after losing almost 850,000 bitcoins to a massive security breach.
11,501 BTC Transfer
According to the crypto investigation platform Arkham, the Mt.Gox cold wallet address starting with 1Pazv moved 10,608 bitcoins to the address starting with 1DcoAJ on Tuesday as the leading crypto saw a little surge to reach the $87,000 mark. The cold wallet also moved 893 bitcoins to the Mt.Gox Hot Wallet address, starting with 1Jbez.
Thereafter, the hot wallet moved the crypto it received to another wallet address and sent 0.000017 BTC to a Kraken exchange platform for testing services. By the bitcoin spot price of $87,250, the firm had just moved over $1.003 billion worth of BTC.
Starting on July 5, 2024, the defunct exchange has occasionally carried out similar transactions and used its proceeds to repay verified hack victims and creditors.
Mt.Gox New Crypto Exchange
Amid the repayment, former Mt.Gox CEO Mark Karpeles revealed plans to launch a new crypto exchange that would adopt modern technology to enhance transparency and fix Mt. Gox’s shortcomings. The latest exchange, EllipX, will operate from Poland as Karpeles claims to better understand the country’s regulations during his years with collapsed Mt.Gox.
This will be accompanied by a new non-custodial crypto wallet, EllipX Crypto Wallet, allowing users to fully control their crypto assets without complete reliance on seedphrases and private keys.
Meanwhile, 11 years after the Mt.Gox loss, the famous crypto exchange Bybit lost over $1 billion to a Korean Lazarus Hack Group. Sadly, the funds have not been recovered as the hacker group has played smart by moving the holdings across various wallets. However, the exchange has recovered the value of stolen tokens via other means and is still functioning actively, as it claims to have all customers’ funds backed 1:1.
