Key Points
- After reaching $70k on May 27, Bitcoin is trading near $68k today.
- Wallets labeled as belonging to Mt. Gox moved over 107k BTC worth over $7.3 billion to an unknown address.
Bitcoin’s price dropped by over 1% today, and the coin is now trading close to $68,000.
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The price drop for BTC comes as wallets labeled as belonging to the collapsed crypto exchange Mt. Gox have moved 107,547 BTC that are worth over $7.3 billion to an unknown wallet. Whale Alert shared the transactions on X.
In the past hour, 31,138 BTC worth over $2 billion have been moved again to an unknown wallet according to the same reports coming from Whale Alert on X.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 34,138 #BTC (2,320,029,136 USD) transferred from #MtGox to unknown wallethttps://t.co/pH9u37vcqS
— Whale Alert (@whale_alert) May 28, 2024
Mt. Gox’s repayment deadline is October 2024
The moves made by the defunct crypto exchange are ahead of its plan to return BTC holdings to creditors before October.
The repayment deadline for the Mt. Gox trustee was initially postponed from October 31, 2023 to October 31, 2024, and according to previous reports for creditors who have already provided the required info, repayments were set to begin earlier this year, before October.
The moves made by the exchange today when assets were transferred out of its wallets come after 5 years of inactivity. Arkham notes that the exchange still holds more than $9 billion worth of BTC.
Mt. Gox crypto exchange was launched back in 2010, based in Tokyo. It gained huge popularity and became the largest BTC exchange by 2013, reportedly servicing 70% of all BTC trades all over the world.
The exchange stopped all withdrawals in early 2014 when the business suspended trading. The site went offline and the company filed for bankruptcy protection after losing over 800,000 BTC.
Today’s Bitcoin price drop comes following a sudden spike on May 27, as the coin hit the important $70,000 mark on US Memorial Day.
