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Mt. Gox Wallet Transfers 6,800 BTC As Ex-CEO Plans To Reallocate $6B

A cold wallet of notorious Bitcoin (BTC) exchange Mt. Gox transferred 6,800 BTC to an undisclosed wallet just days after former CEO Mark Karpele announced plans to redistribute $6 billion worth of BTC to his creditors .

Mt. Gox was a Tokyo-based bitcoin exchange that shut down in February 2014 after a hack that put 850,000 BTC at risk. In a recent interview, Karpeles revealed that the exchange held about 200,000 BTC during the company’s shutdown, of which the trustee had sold about 50,000 BTC for $600 million in the past.

According to Karpeles, the remaining 150,000 BTC currently held by Mt. Gox has grown in value over the years — and is worth over $6 billion. Following this revelation, the former CEO confirmed plans to reallocate the money and settle scores with creditors.

Five days after interviewing Karpeles, Crypto Twitter’s @whale-alert highlighted that 6,800 BTC worth nearly $319 million were transferred from a cold wallet on the now-defunct Mt. Gox exchange to an undisclosed wallet.

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Details on the transfer of 6,800 BTC between Mt. Gox and unknown wallet. Source: Whale Alert

Although the Mt. Gox team has been out of action for over 8 years, they previously shared a recovery plan to compensate creditors. However, the transfer of 6,800 BTC signals a possible start of the plan.

Related: Rare Bear’s Discord phishing attack snaps up $800,000 worth of NFTs

While crypto companies continue to implement various security measures to ward off attacks, bad actors have kept up with the change to lure in unwary investors.

On March 18, recently launched Nonfungible Token (NFT) project Rare Bears confirmed a successful phishing attack – resulting in a loss of nearly $800,000 in NFTs.

As Cointelegraph reported, the hacker was able to compromise a moderator’s account on Discord and post phishing links that ultimately drained users’ wallets. The Rare Bears team was eventually able to remove the compromised account and protect the server from further attacks.