The post $1 Billion Bitcoin Transfer From Mt. Gox Sends Crypto Markets Into Turmoil – CryptoNinjas appeared on BitcoinEthereumNews.com.

Key Takeaways: Market concerns have been reignited as Mt. Gox transferred over $1 billion in Bitcoin to an unknown wallet. The transfer is probably related to long-promised repayments to creditors from the exchange’s collapse in 2014. Although sell-off risk may induce short-term randomness, these factors will hardly trigger a catastrophic crash, especially given the trading volume around Bitcoin. The specter of Mt. Gox still looms over the crypto market. The now-defunct exchange recently moved a sizeable amount of Bitcoin, causing both alarm and speculation around the community. This news comes amid ongoing market volatility, raising some questions regarding potential impact on the price of Bitcoin. A Billion-Dollar Shuffle Arkham Intelligence identified a transfer of 12,000 Bitcoin from a Mt. Gox-linked wallet on March 6, 2025. With a value of over $1 billion at the time of the transaction, this represents one of the biggest movements of funds associated with the exchange since its notorious breakdown in 2014. To put it into perspective, transferring over a billion dollars across the blockchain in this instance cost just $1.64 — quite the difference from traditional finance. Around 166.5 BTC (equal to approximately $15 million) of the 12,000 BTC were transferred to Mt. Gox’s cold storage wallet. The other 11,834 BTC went into a new address that just appeared. This means about 36,080 BTC, an asset worth over $3.26 billion, remains in the hands of Mt. Gox-affiliated entities. The transaction of Mt. Gox’s Bitcoin. Source: Arkham Intelligence An Interminable Wait for Repayment The latest transfer speculation primarily includes ongoing creditor repayments. Mt. Gox was once the largest Bitcoin exchange, accounting for over 70% of all Bitcoin transactions, before it famously went bankrupt in 2014 having lost around 850,000 BTC in a hack (some estimates say 950,000 BTC). Imagine losing almost a million Bitcoin—an entire digital fortune…

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Filed under: News - @ March 7, 2025 5:23 am