The post Mt. Gox coins are on the move, new wave of repayments expected appeared on BitcoinEthereumNews.com.

The Mt.Gox exchange emptied four of its known wallets, after receiving $370K in BTC deposits from Kraken. The exchange may be preparing for another wave of deposits.  Mt. Gox funds are on the move, potentially leading to more payouts. The known wallets of Mt. Gox received $370K in new BTC inflows from the Kraken spot exchange. Later, four wallets were swept into a new cold wallet.  The Mt. Gox coins are identified as one of the big potential overhangs for BTC, although it is still uncertain if the recipients would sell to realize profits. The Mt. Gox conservation still holds 44,905 BTC, to be distributed to creditors toward the end of the year. The coins, held since 2013, were seen as a threat to the BTC market. This summer, however, the markets proved they could absorb 50K new coins from the wallets of the German government, still retaining levels close to $50,000. Speculations on Mt. Gox range from the potential for each recipient to sell on the open market, or to achieve some form of OTC deal.  Holders and general BTC traders see the moves as the usual behavior of the Mt. Gox creditor. The relatively small transaction from Kraken may be a technicality, or a test transaction. In the past, wallet movements have preceded payouts, with expectations of new moves into creditor accounts ahead of the weekend. One of the possibilities is that some of the Mt. Gox coins were placed on the OTC market through Kraken, while the remainder was returned.  The Mt. Gox funds were consolidated at the end of May 2024. So far, an estimated 96781.96 BTC were removed from the wallets, presumably sent out to creditors. The recent minor inflows from Kraken added a bit more than 5 BTC to the balance, still awaiting further…

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Filed under: News - @ September 25, 2024 4:20 pm