Mt. Gox Transferred $7 Billion Worth of Bitcoin

More than 107,000 Bitcoins from Mt. Gox wallets were transferred to an unknown address as of early Asian hours, a move that caused a 1.2% drop in Bitcoin price in anticipation of selling pressure.

More than 107,000 BTC, worth approximately $7 billion, were transferred to Mt. through thirteen transactions. Gox wallets to an unknown address. These transfers may be part of a plan to repay creditors by October 31, 2024.

These moves caused a decline in the Bitcoin market, with Bitcoin falling 1.4% to $67,680 after reaching a peak of over $70,000 on Monday. Mt. Gox-owned wallets transferred more than 107,000 Bitcoins (BTC) to an unknown address as of early Asian morning hours. The total value of these Bitcoins is estimated at approximately $7 billion.

Once the world’s largest Bitcoin exchange, Mt. Gox closed in 2014 after it was revealed that hundreds of thousands of Bitcoins were lost in a hacking attack. Since then, creditors have been awaiting repayment of their assets – an event that is thought to create selling pressure in BTC markets.

Wallet activity shows that transactions were carried out in thirteen transactions. A possible test trade of $3 was made on May 20, and another small trade of $160 was made early Tuesday. The remaining transactions involved Bitcoin with values ​​ranging from $1.2 million to $2.2 billion.

This is Mt. It is the first movement of assets from Gox’s cold wallets in more than five years and is part of a plan to distribute assets to creditors, likely by October 31, 2024.

CryptoQuant research head Julio Moreno stated that all coins were transferred to a new address named “1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6”.

Galaxy head of research Alex Thorn said in an X post that he expects most of the transferred Bitcoins to be held by creditors and not sold on the open market.

Still, market participants responded bearishly to these moves, with Bitcoin falling 1.4% to $67,680 as of the start of Asian trading hours. On Monday, Bitcoin reached a peak of over $70,000.

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