Mt Gox Moves $2.8B In Bitcoin, Crypto Falls Ahead ETH ETF

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Mt Gox Moves $2.8B In Bitcoin, Crypto Falls Ahead ETH ETF – Crypto News

Published

1 year ago

July 23, 2024

Dripp

Mt Gox, the infamous Bitcoin exchange that collapsed in 2014, has made substantial Bitcoin (BTC) transfers as part of its repayment plan to creditors. The defunct exchange moved over $2.8 billion worth of Bitcoin today. Hence, the creditor repayment in BTC could be witnessed today, according to previous payouts.

Mt Gox Latest Bitcoin Transaction Details

According to Arkham Intelligence, on Tuesday, July 23, Mt Gox moved 42,587 BTC, valued at approximately $2.85 billion, to an internal wallet. Additionally, another 5,110 BTC was added via a different internal wallet, signaling the exchange’s preparation for repayments. Hence, the collapsed exchange currently holds 90,344 BTC worth a whopping $6 billion.

The previous day, Monday, July 22, marked the beginning of this repayment process. Moreover, this news coincides with the imminent launch of Spot Ethereum ETFs. This created a buzz and speculation about the potential market impact on both Bitcoin and Ethereum price actions.

According to data sourced from Arkham Intelligence , Mt Gox has been making a series of smaller Bitcoin transfers on Monday. The most recent of these transactions involved 0.021 BTC, valued at approximately $1,390, sent to an address 1C9Vo…t81Fa. This transfer occurred just minutes before the report was issued, mirroring a similar transaction made six days prior.

The repetitive nature of these transactions, both involving 0.021 BTC from a Mt Gox-associated address, suggests that these could be part of a testing phase for their transfer capabilities. The duplicate nature of these transactions was confirmed by Arkham. Thus, today, the speculations can be held true that these small-scale transfers were a precursor to larger movements.

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