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Mt. Gox moves another $2.5 billion in Bitcoin
Summary
Chat History ChatGPT ChatGPT Explore GPTs Today Bitcoin Transfer from Mt. Gox CrowdStrike Apology Backlash SEC Approves Ethereum ETFs Previous 7 Days Xbox 360 Marketplace Discounts College Football 25 Analysis Previous 30 Days College Football 25 Details Story Summary: Short HTML Title Epic vs Apple Dispute Bans Game Length Plan Blanchett Buys PS5 Stablecoin Payment Option China’s BCI Standardization Proposal Launches Ultra-Fast Internet Speeds Reach Summary Conversation Request Santa Claus Booed in Philadelphia Sidd Finch: Mets’ Fictional Pitcher in June iOS 18 Flashlight Improvements Resident Evil Sales Growth Volatility Returns: CPI and FOMC iPadOS 18: Calculator and Features FM Secures Premier License News Demands Game Storefronts Crypto Scams Summary Video Game Job Closures Game Design Explained Crypto Scam Warning AI Improvements for Email Viper Commands Warbond OverviewUpgrade Plan Get GPT-4, DALL E, and More ChatGPT user summarized this story in three sentences, each a bullet point sentence of less than 120 characters formatted for HTML: Mt. Gox, the defunct cryptocurrency exchange, has transferred 37,477 Bitcoin (BTC), valued at approximately $2.5 billion, to an unidentified wallet address. The transaction follows a similar transaction moving $2.7 billion worth of Bitcoin. Data from blockchain analytics firm Arkham Intelligence shows that this transaction occurred on July 24 at 4:53 a.m. UTC. Of the amount transferred, 5,106 BTC was later moved to a separate cold storage wallet owned by Mt. Gox. This transfer closely follows another significant movement of funds by the exchange. On July 22, Mt. Gox transferred $2.8 billion worth of BTC to multiple wallets, with $340 million going to four wallets linked to Bitstamp, one of five exchanges collaborating with the Mt. Gox trustee to repay creditors. According to data from CryptoQuant shared with Cointelegraph, approximately 40% of the Bitcoin owed to Mt. Gox creditors has been distributed so far. This leaves about 60%, or approximately $5.6 billion, yet to be returned. The Mt. Gox saga stems from a major security breach in 2014 that led to the collapse of the exchange. Around 127,000 creditors have been waiting for over a decade to recover their funds, totaling around $9 billion worth of Bitcoin. Impact on markets While some fear that these repayments could trigger a mass liquidation, several analysts suggest that such concerns may be overblown. Alex Thorne, head of research at Galaxy Digital, noted in a recent tweet that many of these assets are unlikely to directly impact the spot market: Creditors have been stuck in the Mt. Gox bankruptcy for over 10 years – finally trustee says #BTC #BCH cash distribution will begin in July. we think fewer coins will be distributed than people think and that this will cause less #bitcoin selling pressure than the market expects Thorne also speculates that individual creditors may not immediately sell their recovered funds, suggesting that many Mt. Gox creditors may be taking a “diamond hand” approach to their assets. Some market observers believe that much of the potential impact of Mt. Gox on Bitcoin prices has already been factored into the market. They argue that the worst of the Bitcoin price fluctuations related to this event may already be over. ChatGPT Mt. Gox transferred 37,477 BTC, worth $2.5 billion, to an unknown wallet address on July 24, 2024. Blockchain analytics firm Arkham Intelligence reported the transfer, with 5,106 BTC moved to Mt. Gox’s cold storage wallet. Approximately 40% of the Bitcoin owed to creditors has been distributed, leaving $5.6 billion yet to be returned, with some analysts downplaying the potential market impacts. Please format this in HTML ChatGPT html Copy code
- Mt. Gox transferred 37,477 BTC, worth $2.5 billion, to an unknown wallet address on July 24, 2024.
- Blockchain analytics firm Arkham Intelligence reported the transfer, with 5,106 BTC moved to Mt. Gox’s cold storage wallet.
- Approximately 40% of Bitcoin owed to creditors has been distributed, leaving $5.6 billion yet to be returned, with some analysts downplaying potential market impacts.
Mount Goxthe extinct cryptocurrency exchangetransferred 37,477 Bitcoin (BTC)valued at approximately $2.5 billion, to an unidentified wallet address. The transaction follows a similar transaction moving US$2.7 billion in Bitcoin.
Blockchain analytics company data Arkham Intelligence shows that this transaction occurred on July 24 at 4:53 am UTC. Of the amount transferred, 5,106 BTC was later moved to a separate cold storage wallet owned by Mt. Gox.
This transfer follows closely on the heels of another significant movement of funds by the exchange. On July 22, Mt. Gox transferred $2.8 billion worth of BTC to multiple wallets, with $340 million going to four wallets linked to Bitstamp, one of five exchanges collaborating with Mt. Gox’s trustee to repay creditors.
According to CryptoQuant data shared by CointelegraphApproximately 40% of the Bitcoin owed to Mt. Gox creditors has been distributed so far. This leaves about 60%, or approximately $5.6 billion, yet to be returned.
The Mt. Gox saga stems from a major security breach in 2014 that led to the collapse of the exchange. Around 127,000 creditors have been waiting for more than a decade to recover their funds, totaling around $9 billion in Bitcoin.
Impact on markets
While some fear that these refunds could trigger a mass sell-off, several analysts suggest that these concerns may be overblown. Alex Thorne, head of research at Galaxy Digital, noted in a recent tweet that many of these assets are unlikely to have a direct impact on the spot market:
Creditors have been stuck in the mt gox bankruptcy for over 10 years – finally trustee says cash distribution of #BTC #BCH will start in July. We believe fewer coins will be distributed than people think and that this will cause less selling pressure on #bitcoin than the market expects
Thorne also speculates that individual creditors may not immediately sell their recovered funds, suggesting that many Mt. Gox creditors may have a “diamond hand” approach to their assets.
Some market observers believe that much of the potential impact of Mt. Gox on Bitcoin prices has already been factored into the market. They argue that the worst of the Bitcoin price fluctuations related to this event may already be over.