- Mt. Gox has shifted $2.4 billion worth of Bitcoin between wallets.
- BTC hits $82K, reflecting a 3.33% increase.
The defunct exchange, Mt. Gox executes a transfer of $2.4 billion in Bitcoin (BTC) across wallets. This marks another key chapter in the ongoing process of creditor repayment efforts, with the deadline set for October 2025.
Mt. Gox executed a massive transfer by moving over 30,000 BTC, valued at around $2.4 billion to two different wallets. The majority of the funds were transferred from the wallet “1FG2C…Rveoy” to a newly created wallet, “1Fhod…LFRT.” In addition, $200 million worth of Bitcoin was sent to cold storage.
This labels the massive movement of Bitcoin from the Mt. Gox wallet in recent weeks, with the “1FG2C…Rveoy” address being the largest recipient in the previous series of transfers.
The Mt. Gox wallet moved 32,371 Bitcoin, valued at around $2.19 billion, to three new wallets, on November 5. That was under the ongoing process of settling creditor claims. The movement of such a large amount of Bitcoin has drawn attention as it potentially impacts the market.
The Backstory of Mt.Gox
The exchange once had over 70% of all Bitcoin transactions, and Mt. Gox was the prominent player in the early years of the cryptocurrency market. Notably, in 2014, the exchange collapsed following a massive hack, where an estimated 740,000 BTC were stolen, worth over $15 billion at current prices. Following its bankruptcy settlement plan, Mt. Gox has recently begun working to repay creditors affected by the hack.
Price Momentum of Bitcoin
The BTC transfer comes with Bitcoin continuing to break records, recently surpassing $82K, hitting a new all-time high at $82,371. At press time, the largest cryptocurrency trades at $82,310, gaining over 3.33% over the last 24 hours. Notably, the market cap of BTC has settled at $1.63 trillion.
In the morning hours, the asset visited the $78,537 mark and the bullish momentum pushed BTC to the current price levels. If the current momentum holds, the asset will encounter its nearby resistance at $83K.
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