💣🔥💣BIG SALES?💣🔥💣

#MtGox transfer $9 billion from #Bitcoin to a single address as part of payment plans

Almost 140,000 $BTC have moved since early Asia on Tuesday, and bitcoin lost 3.06% on expectations of selling pressure.

Wallets belonging to the defunct Bitcoin exchange Mt. Gox transferred more than 140,000 bitcoins, valued at around $9 billion, to an unknown address beginning in the early Asian morning hours of Tuesday.

Mt. Gox, once the world's largest bitcoin exchange, closed in 2014 after it was revealed that it had lost hundreds of thousands of bitcoins in a hack. Creditors have since awaited repayment of their holdings, something widely seen as adding selling pressure to the #BTC markets.

In a press release, rehabilitation administrator Nobuaki Kobayashi said that no sales of bitcoin or bitcoin cash ($BCH ) had been made and that the group was "safely managing bitcoin and bitcoin cash."

Wallet activity shows that the movements were made in thirteen transactions. A probable test transaction worth $3 was made on May 20, and another smaller transaction of $160 was made early Tuesday. The remaining transactions ranged from $1.2 million to $2.2 billion worth of bitcoins.

This is the first movement of assets from Mt. Gox cold wallets in more than five years and is likely part of a plan to distribute assets to creditors by October 31, 2024.

All coins have been transferred to a new address "1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6," said CryptoQuant head of research Julio Moreno in an X post.

Alex Thorn, head of research at Galaxy, said in an X post that he expected most of the transferred bitcoins to be held by creditors, rather than sold on the open market.