On the night of July 5, 2024, bankrupt crypto exchange Mt. Gox transferred 47,229 BTC to a new address, according to data Arkham IntelligenceThe transferred amount is estimated at approximately $2.71 billion.
According to available data, after the transfer from the new address, 2702 BTC worth $154.7 million were sent to the exchange’s cold wallet. Subsequently, these assets were moved to another address 1PKGGMh5cGYMMJq32aVY8gfCzsmUiszwzV.
According to Arkham Intelligence, 1,545 BTC (around $85 million) were subsequently withdrawn from this wallet to a Bitbank account. Note that this platform is one of the exchanges selected by Mt. Gox management to distribute payments.
Mt. Gox transfers another 1,545 $BTC($84.87M) to #Bitbank.https://t.co/1haz3Brcj9 pic.twitter.com/9YtYbKtU5r
— Lookonchain (@lookonchain) July 5, 2024
The day before this event, capital movements were recorded in Mt. Gox accounts. Several small transactions were made with wallets associated with the bankrupt exchange.
Information that Mt. Gox would begin paying out in July appeared in late June 2024. Users will receive compensation in Bitcoin and Bitcoin Cash.
The news caused a stir in the community. In particular, against the backdrop of large movements of funds, the Bitcoin rate fell below $54,000. In turn, the Ethereum price broke the $2,900 mark.
Presumably, the fall of the crypto market is connected with expectations that the arrival of a significant volume of the first cryptocurrency will create pressure on the price from sellers.
Concerns grew after JPMorgan Chase experts said there was a high probability that some of the bitcoins received by the exchange’s clients would be sold.
Update: Mt. Gox announced start of payments in Bitcoin and Bitcoin Cash.
the gox trustee keeps telling creditors to “wait for a while”
Sir, it has been ten years. what is “while”? pic.twitter.com/tYPKQtZcpw
— Alex Thorn (@intangiblecoins) July 5, 2024
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Source: Cryptocurrency
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