Bitcoin wallet tagged as Mt.Gox transferred nearly $2.93 billion in BTC, the asset hovers at around $68,000
- Crypto on-chain trackers have traced several transfers totaling $2.93 billion from a wallet tagged as Mt.Gox.
- The BTC wallet that received the transfer holds over 42,909 Bitcoin per blockchain intelligence firm PeckShield.
- Bitcoin hovers around $68,000 on Tuesday, wiping out 2.30% of its value on the day.
Bitcoin hovers around the $68,000 level on May 28, Tuesday as market participants brace for Mt.Gox transfers of BTC. The defunct crypto exchange’s wallet, tracked by on-chain intelligence trackers, have made BTC transfers to a new wallet.
The new wallet holds nearly $2.93 billion in Bitcoin at the time of writing.
Mt.Gox transfers rattle BTC holders
According to a Bloomberg report from April 2024, Tokyo-based Mt.Gox was once the largest Bitcoin exchange in the world. In 2011, the exchange platform was hacked, and it went bankrupt in 2014. In 2023, US prosecutors accused two Russian nationals of conspiracy to break into the now-defunct exchange’s servers.
The exchange is set to pay back lost Bitcoin to its users, to the tune of $9 billion. In April 2024, Mt.Gox pushed back the repayment deadline by twelve months.
Some creditors said they had received updates on their claims, and users shared details on social media platforms, stating that the exchange has stepped up its efforts to pay back lost assets.
Updates on Reddit and social media platform X show the number of crypto tokens to be returned, alongside repayment dates in some claims.
Blockchain intelligence firm PeckShield identified the transfers from wallets tagged as Mt.Gox and shared the details in a tweet on X.
After several BTC transfers out of the wallet tagged as Mt.Gox, the new wallet holds $2.93 billion in Bitcoin.
#PeckShieldAlert #MtGox labeled address has transferred a total of 12.24K $BTC (worth ~$843.59m) to a new address pic.twitter.com/leRWytdGSP
— PeckShieldAlert (@PeckShieldAlert) May 28, 2024
The Bitcoin transfer has sparked several social media discussions, pushing up the mentions of BTC, tracked by the social intelligence platform Lunar Crush.
With several large #Bitcoin transfers coming from #MtGox, social activity around Mt. Gox is soaring higher...https://t.co/PHr0F228Qa https://t.co/AHrWfVbuQa pic.twitter.com/UCQdVcjfIG
— LunarCrush (@LunarCrush) May 28, 2024
Bitcoin is consolidating below the $68,000 level on Tuesday. BTC is trading at $67,701 on Binance, at the time of writing.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
