Fun

Mt. Gox shifts $2.5B in Bitcoin to unknown wallet, repayments top 40%

News Feed - 2024-07-24 02:07:27

Tom Mitchelhill3 hours agoMt. Gox shifts $2.5B in Bitcoin to unknown wallet, repayments top 40%Mt. Gox transferred 37,477 BTC to a new wallet, while data shows that 40% of creditor repayments have now been distributed.2399 Total views18 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksDefunct crypto exchange Mt. Gox transferred 37,477 Bitcoin worth $2.5 billion at current prices to an unknown wallet address. 


According to data from blockchain analytics platform Arkham Intelligence, Mt. Gox transferred the 37,477 BTC to a new address at 4:53 am UTC on July 24.Mt. Gox shifted $2.5 billion worth of Bitcoin on July 24. Source: Arkham Intelligence


Of that sum, 5,106 BTC were sent through again to a separate cold wallet owned by Mt. Gox.


The move comes less than 24 hours after the exchange shifted $2.8 billion in BTC to several wallets on July 22, with $340 million being sent to four wallets associated with the crypto exchange Bitstamp.


Bitstamp is one of the five exchanges working with the Mt. Gox trustee to return funds to creditors.


As of the time of publication, just over 40% of the Bitcoin owed to Mt. Gox creditors has been distributed, according to data from CryptoQuant. This means that 60%, or around $5.6 billion, is yet to be returned to creditors.Roughly 40% of the Bitcoin owed to Mt. Gox creditors has been paid. Source: CryptoQuantHow bad are Mt. Gox repayments for Bitcoin?


Around $9 billion worth of Bitcoin is owed to around 127,000 Mt. Gox creditors, who have been waiting for more than 10 years to recover their funds after the exchange collapsed following a major security exploit in 2014.


Related:Mt. Gox prepares for repayments on Bitstamp, executes test transactions


While some see it as a potential mass sell-off event, several analysts have suggested the fears are largely overblown.


Galaxy Digital’s head of research, Alex Thorne, said that over half of the Bitcoin repaid to creditors is owed to various funds and will not be hitting the spot market directly.


Thorn added that even the funds paid back directly to individual creditors aren’t likely to hit the market all at once, saying it’s probable many Mt. Gox creditors are more “diamond-handed” than some may think.


Other market commentators told Cointelegraph on July 15 that they believed that much of Mt. Gox’s potential impact on Bitcoin was already “priced in” and that the worst of Bitcoin’s price action was firmly in the rearview mirror.


Magazine —‘Bitcoin Layer 2s’ aren’t really L2s at all: Here’s why that matters# Bitcoin# Cryptocurrencies# Japan# Business# Bitcoin Price# Cryptocurrency ExchangeAdd reaction

News Feed

Goldman Sachs Sees Bitcoin Market Becoming More Mature
Goldman Sachs Sees Bitcoin Market Becoming More Mature Goldman Sachs’ global head of commodities research sees the bitcoin market becoming more mature. &ld
Bitget Expands Innovation Zone With Priority Access to Exceptional Projects
Bitget Expands Innovation Zone With Priority Access to Exceptional Projects press release PRESS RELEASE. Victoria Seychelles, 2023 – Bitget, the leading global crypto derivative e
MEXC says ‘clawbacks’ only affect delinquent traders as users report missing funds
Christopher Roark3 hours agoMEXC says ‘clawbacks’ only affect delinquent traders as users report missing fundsA growing number of traders have complained of funds being deducted from their MEXC accounts, but the exch
Bitcoin, Ethereum Technical Analysis: BTC Back Above $19,000 as Volatility in Crypto Markets Intensifies
Bitcoin, Ethereum Technical Analysis: BTC Back Above $19,000 as Volatility in Crypto Markets Intensifies Bitcoin snapped a two-day losing streak on Thursday, as prices of the crypt
4 tips that’ll keep your crypto safe from hackers this bull market
Jesse Coghlan1 hour ago4 tips that’ll keep your crypto safe from hackers this bull marketFrom choosing a secure exchange to setting up DeFi protocols security, security sages have shared their top tips so you can keep
China Reveals Digital Yuan White Paper: Smart Contracts, $5.4B Settled, Large Transfers Traced
China Reveals Digital Yuan White Paper: Smart Contracts, $5.4B Settled, Large Transfers Traced The working group involved with the research and development of th
Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians
Custodial Lightning Network Service Attack Discovered by LN "Newbie" — Hacker Strikes 6 LN Custodians On September 18, a Redditor posted to the r/bitcoin forum and explained how
Why is Bitcoin price down today?
Nancy Lubale4 hours agoWhy is Bitcoin price down today?Bitcoin price is down today as Mt. Gox shifts more BTC and creditors confirm that they received their repayments at the Kraken exchange.1389 Total views4 Total share
Amaka Nwaokocha1 hour agoCrypto lawyer says $20M settlement is 99.9% win for RippleDeaton strongly refuted the idea that the lawsuit’s result was an even 50/50 outcome for the SEC, claiming that it’s closer to a 90/1
Galaxy Digital Reveals Update on Ties to FTX, Partnership Has ‘Exposure of Approximately $76.8 Million’
Galaxy Digital Reveals Update on Ties to FTX, Partnership Has "Exposure of Approximately $76.8 Million" Following the issues surrounding FTX, the publicly-listed firm Galaxy Digita
WEMIX Delisting: South Korean Crypto Exchange Upbit Accused of Instigating Token Removal
WEMIX Delisting: South Korean Crypto Exchange Upbit Accused of Instigating Token Removal According to the CEO of Wemade, Henry Chang, the South Korean cryptocurrency exchange Upbit
Sentiment For Ethereum Hits 1-year Low, Analyst Says A Massive Run Is Coming
Este artículo también está disponible en español. Sentiment for Ethereum (ETH) has reached its lowest levels in a year as the second-largest crypto by market capitalizati