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Defunct exchange Mt. Gox To Distribute $6 Billion Worth Of BTC To Creditors

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Former Chief Executive Officer of crypto exchange Mt.Gox, Mark Karpeles has announced plans to redistribute $6 billion worth of Bitcoin (BTC) to creditors.

This is coming only a few days after he sent about 6,800 BTC to the wallet without recognizing its origins. The exchange was initially very popular among the crypto community but lost some of its reputation after it suffered a hacking attack. The incident caused the exchange to lose more than 800,000 BTC.

Karpeles announced during an interview with a  local news station that the platform had about 200,000 BTC in storage during its shutdown. At the time, the trustees sold about 50,000 BTC worth a little above $600 million then.

Mt. Gox To Distribute $6 Billion Worth Of BTC

He added that the remaining 150,000 BTC have increased in value following the surge of Bitcoin. According to Karpeles, the remaining Bitcoins are now worth a combined value of $6 billion.

As a result, the company has set out plans to distribute the funds to its creditors. A few days after the announcement, the transfer of 6,800 BTC mentioned above occurred. Although no one knows the owner of the wallet, it has given people hope that the distribution of BTC to creditors is about to happen.

The defunct exchange functioned eight years ago, which is considered a long time. However, it may function for a short time as the company plans to distribute crypto tokes to compensate them.  And most market participants ad analysts thought the transferred 6,800 BTC was for.

Hackers Are Ramping Up Their Campaign

Threat actors are taking advantage of the boom in the crypto sector to launch attacks on platforms. And recently, regulators across different countries are calling for more severe punishments against criminals in the crypto sector. Rare Bears became the latest victim after a threat actor stole $800,000 worth of NFTs. The malicious actor got hold of an admin account which was used to carry out the withdrawal.

Your capital is at risk.

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