tl;dr
Mt. Gox, a defunct crypto exchange, has initiated a transaction involving over 75,000 Bitcoin (BTC), valued at approximately $5 billion, marking the first movement of these funds in more than five years. The transaction comes ahead of the October 31 deadline for Mt. Gox to repay its creditors as par...
Mount Gox, a defunct crypto exchange, has initiated a transaction involving over 75,000 Bitcoin (BTC), valued at approximately $5 billion, marking the first movement of these funds in more than five years. The transaction comes ahead of the October 31 deadline for Mount Gox to repay its creditors as part of a rehabilitation plan approved by the Tokyo District Court. Industry speculation surrounds the impact of this transfer on the crypto market, with concerns about a potential sell-off. However, some experts believe that creditors will continue holding Bitcoin after receiving it from Mount Gox. The market has reacted to this news, with Bitcoin's value declining by nearly 4% and Bitcoin Cash experiencing a drop of about 7%. Mount Gox, once handling 70% of all Bitcoin transactions globally, suffered a massive cyberattack in 2014, resulting in the loss of approximately 850,000 BTC.
Sponsored Sponsored According to Arkham Intelligence, A wallet labeled “Mt. Gox” transferred BTC to a new address, 1Jbez. The crypto exchange has transferred BTC in batches of around 2,000 BTC in the past 4 hours. Despite this substantial transfer, the Mt. Gox wallet retains BTC assets worth around $9.3 billion. This transaction comes ahead of the October 31 deadline by which Mount Gox plans to repay its creditors. The settlement plan includes 142,000 BTC, 143,000 Bitcoin Cash (BCH), and 69 billion Japanese yen. The repayment process follows the Tokyo District Court’s approval of a rehabilitation petition. In 2021, 99% of creditors voted in favor of the rehabilitation plan.
The crypto community speculates that this significant transfer could prompt a market sell-off due to the prolonged anticipation surrounding Mount Gox’s creditor repayments. The concern is that a substantial portion of these transferred assets might be sold on the open market. However, not all industry leaders are pessimistic. Alex Thorn, Head of Research at Galaxy Digital, believes that creditors will continue holding Bitcoin after receiving it from Mount Gox.
The market reacted swiftly to this news. Bitcoin’s value declined by nearly 4% from the previous day’s high of $70,600, now trading at approximately $67,800. Similarly, Bitcoin Cash experienced a drop of about 7% from its peak of $503.7, currently trading around $468.
Sponsored Sponsored Founded in 2010, Mount Gox once handled 70% of all Bitcoin transactions globally. However, a massive cyberattack in 2014 severely impacted its operation, resulting in the loss of approximately 850,000 BTC from both customer and company funds. Although 200,000 BTC were recovered later, legal battles in Japan have delayed restitution to the affected parties.
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