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Mt Gox moved 44,527 Bitcoin to a new wallet in preparation for creditor repayments, causing a stir in the crypto community.
Significant BTC Transfer by Mt Gox to New Wallet
Crypto exchange gone In preparation for paying back its creditors, Mt. Gox moved 44,527.5 Bitcoin (BTC) to another cryptocurrency exchange.
After going bankrupt in 2014, the cryptocurrency exchange made an announcement that it will start paying back creditors who lost money in the hack. Due to the announcement and other industry considerations, there have been price swings in recent weeks.
Arkham Intelligence Highlights Mt Gox BTC Transfers
Some users are expecting compensation, and on-chain data from blockchain analytics firm Arkham suggests that Mt Gox made two Bitcoin transfers. The initial transfer test involved sending 0.021 BTC to a wallet, which raised suspicions. After that, an internal wallet received 44,527 BTC, which is almost $2.84 billion, from the exchange-linked wallet. As of this now, the wallet has received 47,229 BTC more in flows.
As the exchange readies itself to disperse the monies owed by creditors, the first steps are marked as a test transfer. The wallet has 138,985 BTC, or $8.87 billion, in it as of this writing.
Similarly, on July 4, on-chain data revealed that a wallet associated with Mt. Gox transferred 47,000 Bitcoin, valued at approximately $2.7 billion, to another wallet, followed by two additional transfers. Bitbank received 1,544 BTC, or about $84 million, while a new wallet received 1,200 BTC, or around $64 million.
According to Coingape, the community's first move is to wait for the reimbursement, which should cause a surge in sales. The strain expected in several quarters might be lessened, though, by the gradual repayment. Some analysts also predict that institutional investors will buy up a lot of assets when the market recovers, which bodes well for optimistic activity.
The exchange will gradually refund investors who lost money due to the Mt. Gox hack by distributing 142,000 Bitcoin.
Market Reactions to Mt Gox Repayment Plans
Prior to the conclusion of the civil lawsuit case, the creditors who consented to a 10% reduction of their shares received the current payment. According to CoinShares, 75,000 BTC is expected to enter the market, which could lead to negative sentiment.
The responsibility of redistribution has been assigned to five companies: Bitgo, Kraken, Bitstamp, SBI VC Trade, and Bitbank. It has already been mentioned that Bitbank received the funds.
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