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Mt. Gox Moves $2.5B Worth of BTC to Unidentified Wallet

by SB Crypto Guru News
July 24, 2024
in Crypto Updates
Reading Time: 3 mins read
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Mt. Gox, the long-defunct cryptocurrency exchange, transferred 37,477 Bitcoin (BTC) worth nearly $2.5 billion to an unidentified wallet address at 4:46 AM UTC on July 24.

Arkham Intelligence data shows that another 5,106 BTC were moved to a different wallet shortly after. This follows a transfer of over $25 million in BTC to a wallet linked to the Bitstamp crypto exchange, one of five exchanges collaborating with the Mt. Gox trustee to reimburse creditors.

So far, over 40% of the Bitcoin owed to Mt. Gox creditors has been disbursed, according to CryptoQuant. This means that 60%, or around $5.6 billion, is still pending distribution.

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Mt. Gox collapsed in 2014 after a major security breach, leaving around 127,000 creditors waiting for repayment of approximately $9 billion worth of Bitcoin, which raises concerns about the potential market impact.

Despite some fears of a mass sell-off, many analysts think these concerns are overblown. Alex Thorne, head of research at Galaxy, noted that more than half of the Bitcoin for repayment is owed to funds, which are unlikely to sell immediately. Thorne also suggested that individual creditors will likely hold onto their Bitcoin.

Other market analysts believe that the potential impact of Mt. Gox’s Bitcoin repayments has already been factored into the market, and the worst price fluctuations are likely behind us.

The recent transfers by Mt. Gox are a significant step in the repayment process for its creditors. While concerns about market volatility persist, experts suggest the actual impact may be less severe than expected.

In other news, Mark Cuban’s recent post on X suggests that Bitcoin may be on the path to becoming a global reserve asset.

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.




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Tags: 2.5bBitcoin NewsBTCCrypto NewsCrypto UpdatesGoxLatest News on CryptoMovesSB Crypto Guru NewsUnidentifiedWalletworth
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