Bitcoin Whales: Mount Gox Moves 47,000 BTC Worth $2.7 Billion

IconCryptoNewsTerminal Staff04 Jul, 2024

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Bitcoin Whales: Mount Gox Moves 47,000 BTC Worth $2.7 Billion

Mount Gox, the defunct cryptocurrency exchange, has transferred 47,000 BTC to unknown addresses. This movement, first spotted by Bitcoin blockchain explorer Mempool, represents approximately $2.7 billion at press time. The transfer has sparked speculation in the crypto community, with some suggesting that it could be a sign of a resurgence of the exchange. However, no official statements have been made by Mount Gox representatives. Mount Gox was once the world's largest bitcoin exchange but was forced to close in 2014 after losing 850,000 bitcoins to hackers. The exchange has been embroiled in a long-running legal battle with its creditors, and the recent transfer may be part of an ongoing effort to compensate them for their losses. Whatever the reason for the transfer, it is a significant event in the cryptocurrency world and is likely to have a ripple effect on the market. Bitcoin prices have been relatively stable in recent weeks, but this news could trigger a sell-off if investors become concerned about the possibility of a large number of bitcoins being sold on the open market.

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