The estate of the defunct crypto exchange, Mt. Gox, has transferred over 47,000 BTC ahead of its plan to repay $9 billion BTC to creditors.
One of Mt Gox’s three wallets that held significant portions of funds sent around 47,228.7 BTC (about $2.71 billion) to a wallet address that ends with ‘6onk.’
According to blockchain analytics platform, Arkham Intelligence, the exchange transferred the Bitcoin at 12:30 am UTC on July 5 2024 out from ‘cold storage.‘
In late June 2024, the defunct bitcoin exchange announced that it would begin distributing over $9 billion worth of funds in Bitcoin, Bitcoin Cash, and fiat currency to its creditors in early July 2024.
#BITCOIN | Over 141K BTC Supply May Hit the Market as Mt Gox Prepares to Make Distributions
The defunct crypto exchange reportedly transferred over, 141K BTC, worth over $9 billion, from its cold wallets, bringing some panic to the market.
Launched in 2010, Mt. Gox quickly… pic.twitter.com/OTZMtty1pm
— BitKE (@BitcoinKE) June 20, 2024
Bitcoin’s value has fluctuated since Mt. Gox made the announcement, losing some of the gains it has so far made in 2024. The cryptocurrency is currently trading around $55,250 (as of this writing), which represents over 7% drop in the past 24 hours and over 20% decline over the past 30 days.
Launched in 2010, Mt. Gox quickly gained popularity and became the largest bitcoin exchange by 2013, handling 70% of all bitcoin trades globally. However, in early 2014, it halted all withdrawals and suspended trading.
Shortly after, the site went offline, and the company filed for bankruptcy protection after losing over 800,000 bitcoins.
The supply and demand dynamics of Bitcoin have been favourable to bulls in 2024. April 2024’s halving event reduced the number of new Bitcoin entering circulation, while the launch of ETFs at the start of the year increased institutional demand.
The more than 100,000 previously dormant Bitcoin that Mt. Gox’s trustees could imminently unleash on the market may swing the scales.
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