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The insolvent bitcoin exchange Mt. Gox has initiated preparations for reimbursing claims as part of the civil rehabilitation process. With a curator overseeing the process, 140,000 bitcoins have been reportedly moved from a cold wallet.
Mt. Gox has announced in a statement that steps are being taken to address claims and comply with the civil rehabilitation procedure. Along with the initial repayment of fiat currency to creditors at a fixed rate of $480 per bitcoin, creditors will also receive additional compensation due to the significant rise in bitcoin's value. The trustee overseeing the bankruptcy of the company has not disclosed further details about the process and has confirmed that no bitcoin or bitcoin cash has been sold or repaid thus far.
Coin Desk reports in accordance with the statement that the bitcoin ledger reflects the transfer of 140,000 bitcoins from a cold wallet at Mt. Gox to an undisclosed address. This marks the first activity in years involving the platform's wallet. Initially, a test transaction of $3 was made, followed by transactions totaling over 8.7 billion euros to the same address. Mt. Gox was formerly the leading bitcoin exchange globally until it declared bankruptcy in 2014 following the theft of the cryptocurrency. In 2021, it was announced that victims would be receiving a portion of the lost currency back.
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