Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Mt. Gox moves over 47,000 BTC to new wallet ahead of creditor repayment

Mt. Gox moves over 47,000 BTC to new wallet ahead of creditor repayment

Cryptobriefing2024/07/05 03:04
By:Cryptobriefing

Key Takeaways

  • Mt Gox has moved 47,229 BTC ahead of a $9 billion payout to creditors.
  • The transaction could influence market dynamics due to increased supply.

Mt. Gox, the defunct Bitcoin exchange, transferred 47,229 BTC, worth around $2.7 billion, to a new wallet as it gears up to distribute $9 billion in Bitcoin, Bitcoin Cash, and fiat to its creditors starting in July, according to data from Arkham Intelligence. Mt. Gox now holds $8.1 billion in Bitcoin.

Mt. Gox moves over 47,000 BTC to new wallet ahead of creditor repayment image 0 Mt. Gox moves over 47,000 BTC to new wallet ahead of creditor repayment image 1 Mt. Gox executes a $2.7 billion Bitcoin transfer to a new wallet

The latest transfer follows a number of small ones made early today, with the largest being $24 worth of Bitcoin Arkham’s data shows. A portion of the Bitcoin stash was sent to a Bitget-labeled wallet. Since Bitget is one of the exchanges designated to handle Mt. Gox’s creditor repayment, the transfer is believed to be a test transaction.

Mt. Gox-labeled wallet’s recent activities have stirred the market, with concerns about potential impacts on Bitcoin’s price due to possible sales by creditors. Previously, on May 28, the wallet moved nearly $7.3 billion worth of Bitcoin to another unknown wallet. Following the move, Bitcoin’s price fell by 2%.

Bitcoin hit a low of $56,800 shortly after Mt. Gox moved $2.7 billion in Bitcoin, according to data from CoinGecko. At the time of writing, Bitcoin is trading at around $57,000, down 7% in the last week.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!