Mt. Gox Moves 43K Bitcoins Worth About $3B
The move has caught the attention of the entire cryptocurrency community
May 28, 2024 07:44 AM
Reading time: 1 minute, 32 seconds
TL;DR In a series of large transactions, Mt. Gox has moved 43,000 Bitcoins worth $3 billion. This marks the first Bitcoin movement from the exchange in five years, signaling progress in the bankruptcy proceedings.
Defunct crypto exchange Mt. Gox has transferred a substantial number of Bitcoins. According to Arkham Intelligence data, the Mt. Gox wallet has shifted approximately 43,000 Bitcoins worth about $3 billion. The move has caught the attention of the entire cryptocurrency community.
Breakdown of Transactions
The transfers were executed in three separate transactions. The first transaction involved 12.24k BTC, the second one moved 14.05k BTC, and the last transfer accounted for 16.589k BTC.
All these transactions were completed quickly. This is the first time in five years that Mt. Gox has moved Bitcoins out of its wallet.
Steps Toward Creditor Compensation
Mt. Gox is set to distribute its remaining holdings to creditors. The Mt. Gox address currently holds 137,892 BTC. The exchange has announced plans to distribute 142,000 BTC and 143,000 BCH before October 31, 2024.
This marks a significant step in resolving the long-standing bankruptcy proceedings and returning assets to those affected by the exchange's collapse.
"This move marks a significant step in resolving the long-standing bankruptcy proceedings and returning assets to those affected by the exchange's collapse."
Historical Context
Launched in 2010, the Tokyo-based platform quickly gained popularity. By 2013, it had become the largest Bitcoin exchange, handling 70% of all trades worldwide.
However, in early 2014, it halted all withdrawals and suspended trading. Shortly after that, the site went offline, and the company filed for bankruptcy protection after losing over 800,000 Bitcoins.
Bitcoin Price Movements
After attempting to move past $70,000 again on Monday, the Bitcoin price has corrected by 2%, pushing the cryptocurrency down under $68,000.
For a long time, the BTC price has been consolidating from $65,000 to $70,000. Despite several attempts to break past $70,000, the bulls haven't received enough support to continue the momentum.
Bitcoin bulls must break past $70,000 convincingly to reach new all-time highs. On the downside, $66,000 remains a crucial support level. Losing this could cause the BTC price to slip to $64,000 and possibly even further.
