Key Takeaways:
- Mt. Gox transferred over 140,000 BTC valued at nearly $9 billion after two weeks of inactivity.
- The transfers included moving BTC to a known cold wallet and two unknown addresses.
- Bitcoin’s price dropped by over 3%, affecting altcoins like Uniswap, Polkadot, and Bitcoin Cash.
On July 16, Mt. Gox transferred over 140,000 Bitcoin, valued at nearly $9 billion, after a two-week period of inactivity.
The transfers involved moving BTC to a known cold wallet and two unknown addresses.
JUST IN: Mt. Gox moved 95,870 #Bitcoin worth $6 billion to unknown addresses đź‘€ pic.twitter.com/duCIiVPcsK
— Bitcoin Magazine (@BitcoinMagazine) July 16, 2024
Mt. Gox’s main wallet still holds about 138,985 BTC, worth approximately $8.7 billion.
The market reacted negatively, with Bitcoin’s price dropping from nearly $65,000 to $63,000, a decline of over 3%.
TODAY: $5.8B MT. GOX BTC ON THE MOVE.
— Arkham (@ArkhamIntel) July 16, 2024
Mt. Gox wallets moved a total of 91,755 BTC ($5.8B) this morning to new addresses. pic.twitter.com/BEAmk6E70b
This also affected altcoins like Uniswap, Polkadot, and Bitcoin Cash, which saw declines of over 5%.
This significant mobilization of funds follows Mt. Gox’s announcement on July 5 that it would begin repaying its BTC and BCH debts to creditors, suggesting that repayments might start soon.
About The Author
Fleming Airunugba, a seasoned Web3 and crypto content expert, leverages his deep understanding of blockchain technology to bring the latest and most impactful news to the crypto community.
With a knack for engaging storytelling and strategic content creation, Fleming is dedicated to educating and inspiring his audience with insightful analysis on cryptocurrencies, NFTs, and the future of digital finance.
Check Fleming out on: