Mt. Gox Transfers 140,000 BTC, Triggering Bitcoin Price Drop
Wallets linked to the now-collapsed Bitcoin exchange Mt. Gox have transferred over 140,000 BTC. The coins, valued at approximately $9 billion, were moved to an unknown address. The transactions initially raised concerns and also triggered a Bitcoin price drop.
Key points:
- Mt. Gox wallets transferred over 140,000 BTC to an unknown address in multiple transactions.
- The total value of the transferred BTC is estimated to be around $9 billion.
- The market reacted negatively to the news, with Bitcoin dropping 1.4% to as low as $67,450.
- The transfer is likely part of a plan to repay creditors by October 31, 2024.
Mt. Gox was previously the world’s largest BTC exchange. However, it was shut down in 2014 after revealing that it had lost hundreds of thousands of BTC in a hack.
Mt. Gox creditors are eagerly waiting for Bitcoin repayment
Since the hack, creditors have been eagerly awaiting the repayment of their holdings. However, the recent move by the exchange to repay the creditors has provided a sigh of relief to many.
Recent wallet activity reveals multiple transactions, including a likely test transaction worth $3 on May 20 and another smaller transaction of $160 on early Tuesday.
According to Bitinfocharts data, all of Mt. Gox’s bitcoin has now been moved into a single wallet. This marks the first movement of assets from Mt. Gox’s cold wallets in over five years. It also hints at the plan to distribute the assets back to creditors before the October 31, 2024, deadline.
Nobuaki Kobayashi, the rehabilitation trustee, released a statement assuring that no sale of bitcoin or bitcoin cash (BCH) had taken place. However, the market appeared to turn bearish following the news of the transfers.
