Mt. Gox’s Coins on the Move as BTC Price Plunges to $66K

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As a researcher who has witnessed the tumultuous journey of cryptocurrencies, I can’t help but feel a mix of emotions when I see the latest developments with Mt. Gox. The recent transfer of over $2 billion worth of Bitcoin brings back memories of the exchange’s infamous past and its significant impact on the market.

Based on information from crypto analytics company Spot On Chain, it was found that wallets linked to the closed Mt. Gox crypto exchange moved over $2 billion in Bitcoin to three different addresses on Tuesday.

Earlier today, the cost of a single Bitcoin dipped down to a minimum of approximately $66,853, as indicated by information from CoinGecko.

After the latest transfers, approximately $810 million in Bitcoin remains in recognized wallets linked to the exchange.

Earlier this year, Mt. Gox significantly impacted Bitcoin’s price by acting as a major factor contributing to bearish trends. In July, it began returning funds to creditors in both Bitcoin and Bitcoin Cash. Due to the circumstances, many of the exchange’s users had to wait nearly a decade to recover their investments.

During July and August, the exchange managed to return over $6 billion in Bitcoin as per SpotOnTrack’s data. By early September, Mt. Gox only retained approximately 30% of its original Bitcoin holdings.

It appears that the repayment phase is nearly complete, implying that further selling pressure as a result of this exchange is unlikely to occur.

In the previous month, it was disclosed by the exchange’s managing director that the date for repayments had been extended to October 31st, 2025. The director mentioned that several creditors were still awaiting their repayments because they hadn’t finished the necessary procedures. Additionally, Mt. Gox encountered some difficulties during the repayment phase.

Currently, Mark Karpeles, previously associated with the defunct cryptocurrency exchange, is moving forward with his new venture named EllipX. This ambitious entrepreneur has recently expressed that the Mt. Gox hack could have been avoided using contemporary technologies like hierarchical deterministic (HD) wallets.

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2024-11-05 08:32