Updated: July 4, 2024, 8:59 PM EDT
$47,000 moved from collapsed cryptocurrency exchange Mt Gox. Bitcoin
-4.92%
One of three Mt Gox wallets that held a significant portion of the funds sent approximately 47,228.7 BTC (about $2.71 billion) to a wallet address ending in “6onk.” Early Thursday morning, several Mt Gox wallets were involved in two smaller transactions over a period of several hours, the largest of which was $24 worth of bitcoin.
Bitcoin exchange closed in late June announce In early July, it said it would begin distributing $9 billion worth of funds to bondholders in Bitcoin, Bitcoin Cash, and fiat currencies.
“This significant $9 billion payout is expected to create significant selling pressure as the market absorbs the additional supply,” Rachel Lucas, a crypto analyst at BTC Markets, told The Block on Thursday.
The value of Bitcoin has fluctuated since Mt Gox announced it would start repaying its creditors in July. The cryptocurrency is trading at $56,994, down 5.54% in the last 24 hours and 18.7% in the last 30 days. Bitcoin price page on the block.
Founded in 2010, Mt Gox was the world’s largest Bitcoin exchange until a security breach on its platform in 2014 led to the loss of at least 850,000 Bitcoins.
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About the Author
Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He was previously a reporter at Forkast.News, where he actively covered the downfalls of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong, and China. He holds a Bachelor of Arts in Journalism and Business Marketing from the University of Hong Kong.