Mt. Gox's $7.3B Bitcoin Transfer: A Market Stir
CryptoNewsTerminal Staff28 May, 2024
Mt. Gox's $7.3B Bitcoin Transfer: A Market Stir
Mt. Gox, the infamous bankrupt cryptocurrency exchange, recently made a significant move by transferring approximately 107,000 BTC (around $7.3 billion) from its cold wallet to a new address. This activity, the first of its kind since 2018, has sparked concerns regarding potential selling pressure in the market. The funds were transferred in 13 separate transactions on May 20 to a newly generated address, which swiftly became the fourth largest whale in terms of single-address holdings. This movement is believed to be part of Mt. Gox's bankruptcy plan to repay creditors. Alex Thorn, head of research at Galaxy Digital, expressed his belief that creditors may hold onto the BTC they receive, while uncertainty remains regarding the fate of the BCH portion. Mt. Gox is expected to complete repayment to creditors with 142,000 BTC and 143,000 BCH by October 31, 2023.
