Mt. Gox Redemption Fears ‘Overblown’ Say Traders as $10B BTC Holdings Draw Concerns
What caused Mt. Gox's bitcoin to be stolen in 2014?
Mt. Gox's bitcoin was stolen in 2014 due to a series of hacks that went unnoticed over several years. The exchange was operating while technically insolvent for almost two years and had practically lost all of its bitcoins by mid-2013. Most of the stolen bitcoins were taken from its online (or hot) wallets, including all of the currency being held in cold storage, due to a “leak” in the hot wallet.
When is the distribution of stolen bitcoin scheduled to begin?
The distribution of stolen bitcoin from the Mt. Gox hack in 2014 is scheduled to begin in the first week of July. The defunct crypto exchange's trustees announced the plan, which involves distributing the recovered assets to the affected clients.
How much bitcoin is Mt. Gox's trustee preparing to distribute?
Mt. Gox's trustee is preparing to distribute around 141,686 bitcoins, worth approximately $9.62 billion, to the exchange's creditors. This comes after the trustee consolidated the funds from multiple cold wallets into a single address in May. The exact distribution amount remains unknown publicly.