{"id":21431,"date":"2024-05-28T15:00:51","date_gmt":"2024-05-28T12:00:51","guid":{"rendered":"https:\/\/coinengineer.io\/?p=21431"},"modified":"2024-05-28T16:27:30","modified_gmt":"2024-05-28T13:27:30","slug":"mt-gox-transferred7-billion-worth-of-bitcoin","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/mt-gox-transferred7-billion-worth-of-bitcoin\/","title":{"rendered":"Mt. Gox Transferred $7 Billion Worth of Bitcoin"},"content":{"rendered":"

More than 107,000 Bitcoins from Mt. Gox<\/a> wallets were transferred to an unknown address as of early Asian hours, a move that caused a 1.2% drop in Bitcoin price in anticipation of selling pressure.<\/p>\n

More than 107,000 BTC, worth approximately $7 billion, were transferred to Mt. through thirteen transactions. Gox wallets to an unknown address. These transfers may be part of a plan to repay creditors by October 31, 2024.<\/p>\n

These moves caused a decline in the Bitcoin market, with Bitcoin falling 1.4% to $67,680 after reaching a peak of over $70,000 on Monday. Mt. Gox<\/a>-owned wallets transferred more than 107,000 Bitcoins (BTC) to an unknown address as of early Asian morning hours. The total value of these Bitcoins is estimated at approximately $7 billion.<\/p>\n

Once the world’s largest Bitcoin exchange, Mt. Gox closed in 2014 after it was revealed that hundreds of thousands of Bitcoins were lost in a hacking attack. Since then, creditors have been awaiting repayment of their assets \u2013 an event that is thought to create selling pressure in BTC markets.<\/p>\n

Wallet activity shows that transactions were carried out in thirteen transactions. A possible test trade of $3 was made on May 20, and another small trade of $160 was made early Tuesday. The remaining transactions involved Bitcoin with values \u200b\u200branging from $1.2 million to $2.2 billion.<\/p>\n

This is Mt. It is the first movement of assets from Gox’s cold wallets in more than five years and is part of a plan to distribute assets to creditors, likely by October 31, 2024.<\/p>\n

CryptoQuant research head Julio Moreno stated that all coins were transferred to a new address named \u201c1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6\u201d.<\/p>\n

Galaxy head of research Alex Thorn said in an X post that he expects most of the transferred Bitcoins to be held by creditors and not sold on the open market.<\/p>\n

Still, market participants responded bearishly to these moves, with Bitcoin falling 1.4% to $67,680 as of the start of Asian trading hours. On Monday, Bitcoin reached a peak of over $70,000.<\/p>\n

\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0Telegram,\u00a0<\/strong><\/a>YouTube<\/strong><\/a>,\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

More than 107,000 Bitcoins from Mt. Gox wallets were transferred to an unknown address as of early Asian hours, a move that caused a 1.2% drop in Bitcoin price in anticipation of selling pressure. More than 107,000 BTC, worth approximately $7 billion, were transferred to Mt. through thirteen transactions. Gox wallets to an unknown address.<\/p>\n","protected":false},"author":6,"featured_media":21171,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[61,6429,6430,566],"class_list":["post-21431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-bitcoin","tag-bitcoin-transfer","tag-mt-gox-transfer","tag-mt-gox"],"yoast_head":"\nMt. Gox Transferred $7 Billion Worth of Bitcoin - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Mt. 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