Mt. Gox’s trustee assures: No worries, $9.6 billion worth of Bitcoin transferred to three addresses, not sold!
The now-defunct Bitcoin exchange Mt. Gox has transferred over 140,000 bitcoins (worth approximately $9 billion) to a single address, which was then dispersed to three separate addresses. This development is part of the exchange’s long-standing plan to repay its creditors.
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Massive Bitcoin Transfer Sparks Market Concerns
Assurances from Trustees on Bitcoin Management
Bitcoin Market Still Rattled
Starting from the early Asian trading session on Tuesday, nearly 107,000 bitcoins were transferred, causing a 1.2% drop in the bitcoin price due to anticipated selling pressure. Thirteen transactions were executed by wallets associated with Mt. Gox, transferring this large sum of funds.
According to statistics from Arkham, Mt. Gox later moved the bitcoins to three addresses, each holding 47,230 bitcoins, totaling approximately $9.6 billion.
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Trustee Nobuaki Kobayashi clarified in a press release that no bitcoin or bitcoin cash (BCH) sales have been made. He assured that the group is “managing bitcoins and bitcoin cash in a secure manner.”
Despite these assurances, the market reacted bearishly to the transfer news. Since the start of the Asian trading session, the bitcoin price has fallen 1.4%, dropping from a high of over $70,000 on Monday to a low of $67,680. Market participants are concerned about the potential selling pressure that such a large-scale transfer could bring.
The transfer of $9 billion worth of bitcoins by Mt. Gox is a key development in the saga of the exchange’s collapse and its impact on the cryptocurrency market. While this move is part of a structured repayment plan, market reactions highlight ongoing concerns about the potential impact of releasing these assets into the market.
Mt. Gox
Bitcoin
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