The defunct crypto exchange Mt. Gox made a significant move by transferring $2.4 billion in bitcoin (BTC) to two wallets on Monday, according to Arkham data. This transfer occurred as the price of BTC continued to soar, surpassing $81,000 over the weekend.
Trustees moved over 30,000 BTC from one wallet to a new wallet, which was the largest receiver in the recent series of transfers. Additionally, $200 million was transferred to a Mt. Gox cold wallet. These wallet transfers are often seen as a way to consolidate holdings before potentially selling the tokens on crypto exchanges.
Mt. Gox was once a prominent player in the crypto exchange space, handling the majority of bitcoin transactions in its early days. However, in 2014, the exchange fell victim to a massive hack, resulting in the loss of 740,000 bitcoin, valued at over $15 billion today. This hack was just one of many security breaches the exchange faced between 2010 and 2013.
To address the aftermath of the hack, trustees have developed a repayment plan with a deadline set for October 31, 2025. This plan aims to compensate those affected by the exchange’s losses.
It is important to note that CoinDesk, the source of this information, is a reputable media outlet that specializes in covering the cryptocurrency industry. The publication adheres to strict editorial policies to ensure integrity, independence, and impartiality in its reporting.
As the cryptocurrency market continues to evolve, it is essential to stay informed about developments such as the Mt. Gox transfers. Keep an eye on trusted sources like CoinDesk for reliable and up-to-date information on the crypto industry.
In conclusion, the recent transfer of $2.4 billion in bitcoin by Mt. Gox underscores the ongoing impact of the exchange’s turbulent history on the cryptocurrency market. Stay tuned for further updates on this story and other important developments in the world of digital assets.
