Crypto News – Mt Gox Transfers 47,229 BTC in Anticipation of Massive $9 Billion Payout
Crypto News- Late Thursday evening, Mt Gox, the infamous collapsed cryptocurrency exchange, transferred over 47,000 BTC (-7.17%) to a new wallet, as per Arkham Intelligence reports. This move is a precursor to its upcoming $9 billion bitcoin repayment to creditors.
Significant Transfer from Mt Gox Wallet Accompanied by Smaller Transactions
One of Mt Gox’s three major wallets shifted approximately 47,228.7 BTC (around $2.71 billion) to a wallet ending in “6onk.” Earlier that same day, several smaller transactions occurred across various Mt Gox wallets, with the largest being a modest $24 worth of bitcoin.
After this significant transfer, the recipient wallet promptly sent back 2,702 BTC ($154.7 million) to Mt Gox’s cold storage, which was then moved to another new wallet, identified as 1PKG….zwzV, according to Arkham’s data.
Subsequently, wallet 1PKG….zwzV transferred 1,545 BTC ($85 million) to a hot wallet on Bitbank, one of the exchanges facilitating Mt Gox’s creditor repayments.
Mt Gox to Begin $9 Billion Payout to Creditors, Market Braces for Impact
In a late June announcement, Mt Gox declared that it would start distributing over $9 billion in bitcoin, bitcoin cash, and fiat currency to its creditors starting in early July. “This substantial payout, amounting to US$9 billion, is expected to exert significant selling pressure as the market absorbs the increased supply,” remarked BTC Markets’ Crypto Analyst Rachael Lucas to The Block on Thursday.
Since Mt Gox’s repayment announcement, Bitcoin’s value has experienced fluctuations. Currently, the cryptocurrency is trading at approximately $56,994, down 5.54% in the past 24 hours and 18.7% over the last 30 days, according to The Block’s bitcoin price page.
Founded in 2010, Mt Gox quickly rose to become the world’s largest bitcoin exchange. However, a security breach in 2014 led to the loss of at least 850,000 bitcoin, marking a significant turning point in the exchange’s history.
FAQs about Mt Gox’s Recent BTC Movements and Payout
What recent activity has Mt Gox undertaken with its BTC holdings?
Mt Gox recently moved over 47,000 BTC to a new wallet. This transaction was observed late Thursday evening and involved one of its major wallets transferring approximately 47,228.7 BTC.
Why did Mt Gox transfer such a large amount of BTC?
This large transfer is part of Mt Gox’s preparation for its impending $9 billion repayment to creditors. The movement of funds is likely in anticipation of the distribution process set to begin in early July.
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