The post Mt. Gox moves nearly $10 billion in Bitcoin appeared on BitcoinEthereumNews.com.

Mt. Gox has moved almost $10 billion worth of Bitcoin (BTC) to a new wallet on May 28. This is a step to repay the company’s creditors after a bankruptcy filing 10 years ago, in April 2014. The cryptocurrency market expects a sell-off event and large capital flow in the following days. Notably, Mt. Gox activity started at 01:42 am UTC, as registered by the Whale Alert account (@whale_alert) on X. The first transaction sent 3,999 BTC from three known Mt. Gox addresses to a new Bitcoin wallet: ‘1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6‘. As developed, six other transactions followed the first with larger amounts and from dozens of Mt. Gox-labeled addresses. In total, the new wallet received 141,658 BTC, worth $9.65 billion, and has already started redistributing. Seven Mt. Gox Bitcoin transactions. Source: Whale Alert / Finbold Mt. Gox payments As of this writing, the recently opened account related to Mt. Gox has started making small payments, as seen on-chain. So far, it has made three transactions worth $169.06, $1.5 million, and $273.18 million. In September 2023, Mt Gox’s trustee announced October 31, 2024, the new creditor payment deadline. Therefore, it is likely that these first three transactions are part of these repayments or meant to cover other expenses. Mt. Gox’s first three transactions (made of four payments). Source: Blockchair / Finbold Bitcoin (BTC) price analysis as Mt. Gox moves its funds Interestingly, Finbold retrieved data from Santiment, crossing over the on-chain activity with Bitcoin’s price. BTC bounced back from a psychological resistance at $70,500 a few hours before the first Mt. Gox transaction. It is possible that the retracement could have happened through insider trading in anticipation of the following activity. As of this writing, Bitcoin trades at $68,000, slightly recovering from the $67,500 lows. Moreover, the new Mt. Gox wallet holds 141,680…

---

Filed under: News - @ May 28, 2024 10:24 am