MTGOX has started issuing BTC refunds from the cold wallet, and Jacob King expects $8.2 billion worth of BTC sales in the near future.

South Korea will launch its system that will monitor 29 exchanges and their customers in real time on July 19. Bitcoin price dropped to $53,485 and altcoins experienced major declines. This situation was not a surprise because BTC was already in a downward trend. The important thing is that the factors that trigger the decline continue and it seems difficult to eliminate these risks in the short term.

What developments have shaken the cryptocurrency markets in the last 24 hours? It was announced that MTGOX has officially started refunds after $2.7 billion worth of BTC was transferred to the new wallet. According to analysts, most of the $8.2 billion worth of BTC could be sold, which will be distributed back to old customers. With the BTC removed from the cold wallet by MTGOX at 12:30 UTC on July 5, the first big step was taken for the refunds to be made this month. Analysts predict that these sales could reach up to $4.5 billion in the first period, or that the resulting revenue could be directed to altcoins by early crypto investors.

South Korea and the Crypto Step
The South Korean Financial Supervisory Service (FSS) has taken an important step and developed a live crypto monitoring system to monitor suspicious transactions. This system, where abnormal transactions will be monitored instantly, will be put into operation on July 19. This application, which will be launched on the date when South Korea's Virtual Asset Protection Law comes into force, shows that investors in the region can be closely monitored on issues such as tax payments and money laundering. 29 cryptocurrency exchanges registered with the FSS will be examined in detail within the scope of the user protection law. Although similar comprehensive steps have not yet been taken around the world, this follow-up step by South Korea may be an approach that other countries can adopt in the future. While many states try to hold stock exchanges responsible for issues such as money laundering and taxes, institutions such as the Ministry of Justice may also step in for larger operations.

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