In recent days, the name of the Mt.Gox platform has been mentioned a lot. What is this platform?
➫ Was this platform the reason for the decline of Bitcoin?
Mt.Gox platform:
Mt. Gox was a Bitcoin exchange company based in Tokyo, Japan. It was founded in July 2010, and in 2014 it accounted for more than 70% of Bitcoin transfers in the world and became the largest Bitcoin exchange market in the world.
In February 2014, MT Gox ceased trading, closed its website, and declared bankruptcy. In April 2014, the company began liquidation proceedings.
The company announced the loss of about 850,000 Bitcoins owned by its customers, equivalent to a value of $450 million, and they were most likely stolen.
➫ Announcement of payment:
Ten years after declaring bankruptcy, cryptocurrency exchange Mt.Gox has finally started making payments to creditors.
In its first major operation since May, Mt. Gox transferred 47,229 bitcoins — worth $2.71 billion at current prices — to a new wallet address.
➫ Start the payment process:
According to the Arkham Intelligence platform, Bitcoin was moved out of “cold storage” on July 5 at 12:30 AM UTC.
On the same day, 1,545 Bitcoins were transferred to the hot wallet of Bitbank, one of the cryptocurrency exchanges that supports payment.
Nobuaki Kobayashi, guardian of Mt. Gox, on June 24 that all steps necessary to begin making payments in July have been completed.
➫ Will the value of Bitcoin decline further?
Earlier Friday, Bitcoin's value briefly dropped below $54,000, as Mt.Gox transferred $2.7 billion worth of Bitcoin to a new address in preparation for payments. A similar move was observed in May when the value of Bitcoin fell by 4% from $70,000 after Mt.Gox transferred its coins.
As the repayment process continues, Bitcoin faces the risk of falling to $50,000, with Mt.Gox creditors potentially selling their assets once they receive them. This potential decline may accelerate as a result of the German government's continued selling of Bitcoin, as it has offloaded approximately 9,641 Bitcoin worth more than $539 million over the past 15 days. The government-linked cryptocurrency wallet still contains about 40,000 bitcoins.
Here we reach the end of the article. We hope you liked it. In your opinion, did the Mt.Gox platform have an impact on the recent decline in Bitcoin? Share your opinion with us in the comments.
