The post Mt. Gox News Update: How the $2.8B BTC Transfer Affects Crypto Prices Ahead of ETH ETF appeared first on Coinpedia Fintech News
After a prolonged consolidation period, Bitcoin has recently experienced a remarkable recovery. Its value has increased by 29% since July 5, reaching a peak of $68,000. This sudden surge is generating enthusiasm among investors.
Mt. Gox ruined the party!
The recent actions by Mt Gox, the collapsed Bitcoin exchange, have created ripples in the crypto market. On July 23, Mt Gox transferred a substantial amount of Bitcoin, approximately $2.8 billion worth, as part of its ongoing repayment plan to creditors. This move follows a series of smaller test transactions conducted the previous day, suggesting preparations for these large-scale transfers.
Detailed Transaction Insights: Credibility Under Scrutiny?
According to Arkham Intelligence, the transactions involved moving 42,587 BTC to an internal wallet and adding 5,110 BTC from another internal wallet. Mt Gox now holds around 90,344 BTC, valued at roughly $6 billion.
Mt. Gox moved 44,527 $BTC(2.84B) to an internal wallet 5 minutes ago, which may be preparing for repayment.#MtGox currently holds 138,985 $BTC($8.87B).https://t.co/f2q66eQNuk pic.twitter.com/JlqkZdzkPC
— Lookonchain (@lookonchain) July 16, 2024
The transfer process started on July 22, indicating that creditor repayments are imminent. Cryptocurrency exchange Kraken has also reportedly confirmed the creditor repayments, stating that it has received the funds from Mt Gox and plans to distribute them over the next two weeks.
The substantial Bitcoin movement by Mt Gox on July 23, involving over $2.8 billion worth of BTC, is likely part of its repayment plan. This information comes from Lookonchain, who has been monitoring the transactions.
In the meantime, on July 16, Bitcoin and Bitcoin Cash repayments were initiated to 13,000 out of approximately 20,000 creditors. This latest significant transfer reinforces the exchange’s commitment to fulfilling its repayment obligations.
