The now-defunct Bitcoin exchange Mt. Gox has transferred over 140,000 bitcoins (worth approximately $9 billion) to a single address, which has then been dispersed to three different addresses. This development is part of the exchange’s long-term repayment plan to creditors.
A large transfer of bitcoins has sparked market concerns. Starting from the early Asian trading session on Tuesday, nearly 107,000 bitcoins were transferred, causing a 1.2% drop in the bitcoin price due to anticipated selling pressure. Thirteen transactions were executed by wallets associated with Mt. Gox, transferring this large sum of funds.
According to Arkham Statistics, Mt. Gox later moved these bitcoins to three addresses, each holding 47,230 bitcoins, totaling approximately $9.6 billion.
Trustee Nobuaki Kobayashi clarified in a press release that no sales of bitcoins or Bitcoin Cash (BCH) have been made. He assured that the group is “managing bitcoins and Bitcoin Cash in a secure manner.”
Despite these assurances, the market has reacted bearishly to the transfer news. Since the start of the Asian trading session, the bitcoin price has dropped by 1.4%, falling from a high of over $70,000 on Monday to a low of $67,680. Market participants are concerned about the potential selling pressure that such a large-scale transfer may bring.
The transfer of $9 billion worth of bitcoins by Mt. Gox is a crucial development in the saga of the exchange’s collapse and its impact on the cryptocurrency market. While this move is part of a structured repayment plan, market reactions highlight ongoing concerns about the potential impact of these assets being released into the market.
Mt. Gox
Bitcoin