Wallets Linked to Mt. Gox Transfers $9B Worth of BTC, Causing Bitcoin to Dip to $68K

Mt. Gox Wallets Transferred $9 Billion in BTC, Causing Bitcoin to Drop to $68,000

The defunct Bitcoin exchange Mt. Wallets affiliated with Gox initiated the transfer of more than 140,000 Bitcoins (BTC), worth approximately $9 billion, to an unknown address in Asia in the early hours of Tuesday. This spooked the markets and caused BTC to drop over 2.3% to $67,680 after rising above $70,000 on Monday.

Mt. Once the world’s largest Bitcoin exchange. Gox ceased operations in 2014 after a major attack that resulted in the loss of hundreds of thousands of BTC. Since then, creditors have been eagerly awaiting the repayment of their assets, which is expected to put selling pressure on BTC markets.

Analysis of wallet activity reveals that these transfers were made through thirteen transactions. A test trade of $3 was made on May 20, followed by a smaller trade of $160 on Tuesday. The remaining transactions ranged from $1.2 million to a staggering $2.2 billion worth of Bitcoin. Mt. All of Gox’s Bitcoin holdings are now combined into a single Bitcoin wallet.

Nobuaki Kobayashi, the rehabilitation trustee overseeing the process, issued a statement clarifying that no Bitcoin or Bitcoin Cash (BCH) sale took place. He assured stakeholders that the group handles Bitcoin and Bitcoin Cash management securely.