As a long-term crypto investor who has closely followed the tumultuous history of Mt. Gox, Tuesday’s news was both intriguing and unsettling. The confirmation that Kraken had received Bitcoin earmarked for creditor repayments from the defunct exchange was a significant development in this long-running saga.
One significant central crypto exchange has announced receiving Bitcoin earmarked for compensating Mt. Gox creditors.
Kraken revealed on Tuesday that it had received unspecified amounts of Bitcoin (BTC) and Bitcoin Cash (BCH) from Mt. Gox’s trustee, earmarked for user compensation. The affected individuals were notified via email that Kraken intended to dispense the cryptocurrencies into their creditor accounts within two weeks.
Hours after the defunct Bitcoin exchange moved approximately $6 billion in Bitcoins to unidentified wallets, a verification message was received.
Based on information from Arkham Intelligence, the transactions initiated around 5:13 a.m. UTC from a wallet linked to the defunct platform involved preliminary transfers. Subsequently, between 6:39 a.m. and 8:12 a.m. UTC, approximately $2.9 billion worth of 47,229 BTC and $3.1 billion worth of 48,641 Bitcoin were moved to distinct wallet addresses.
As a seasoned cryptocurrency analyst with years of experience under my belt, I’ve closely monitored the intricacies of the digital currency market. Today, I was taken aback by a significant transaction that unfolded on the Bitcoin network. Mt. Gox wallets transferred an astonishing 91,755 BTC, worth approximately $5.8 billion at current prices, to new addresses this morning. This massive movement of funds is noteworthy and could potentially have far-reaching implications for the market. The sheer volume of coins moved in a single transaction underscores the immense liquidity and volatility inherent in cryptocurrencies. Keeping a watchful eye on these developments, I believe that understanding such events can help inform strategic investment decisions and provide valuable insights into the dynamic nature of this burgeoning industry.— Arkham (@ArkhamIntel) July 16, 2024
Mt. Gox saga mounts sell pressure on Bitcoin
As a researcher studying the history of cryptocurrency exchanges, I can tell you that between 2011 and 2014, Mt. Gox, a well-known platform for buying and selling Bitcoin, experienced several high-profile hacks. These attacks proved to be successful, resulting in the loss of over 950,000 BTC from the exchange. At that time, this amount was equivalent to approximately $60 billion based on current market values. Unfortunately, these events ultimately led to Mt. Gox declaring bankruptcy in February 2014.
In spite of the significant bitcoin transfers, the defunct platform for Bitcoin trading still retains approximately $8.9 billion worth of BTC. It’s projected that they will process around $9 billion in reimbursements for crypto creditors.
After the trading activity on Tuesday, Bitcoin’s price dipped to roughly $63,000 from its previous day high of $65,000. This decrease may have resulted from anticipated selling forces in the market over the upcoming fortnight. At present, Bitcoin is attempting to recover and has approached $64,000 once more.
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2024-07-16 16:05