- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.