Mt.Gox Moved 42,587 BTC

Bankrupt crypto exchange Mt.Gox has made another series of transactions, moving a total of 42,587 BTC (~$2.85 billion).

Mt. Gox transferred 42,587 $BTC($2.85B) out 1 hour ago, of which 5,110 $BTC($341.75M) was transferred to an internal wallet and 37,477 $BTC($2.51B) was transferred to a new wallet.https://t.co/nJpumiJdAl pic.twitter.com/pVglDc5lIx

— Lookonchain (@lookonchain) July 23, 2024

Of these, the platform sent 5,110 BTC (~$342 million) to an internal address, and another 37,377 BTC (~$2.51 billion) to a new wallet.

The exchange then transferred 1,980 BTC (~$131.7 million) from the first address to Bitstamp, according to ArkhamThe day before, Mt.Gox sent a small amount to the same wallet, likely as a test transaction.

On July 16, the bankrupt company moved 47,229 BTC ($2.99 ​​billion) and 48,641 BTC ($3.1 billion) to unidentified addresses. These transactions caused a slight correction in the market.

One of the major recipients of assets was the American exchange Kraken. The movement of funds may be related to the platform’s creditor repayment plan.

Mt.Gox will distribute a total of 138,985 BTC worth ~$8.74 billion. Analysts have suggested that the sale of these assets could put pressure on the market. Although some believe that such concerns are exaggerated.

The recent movement of funds has had a negative impact on the first cryptocurrency. The asset has fallen from $68,200 to $66,500 — by 2.5%.

The price may also have been pressured by a transfer of bitcoins from a wallet linked to the US government. On July 22, the address sent 58.74 BTC (~$3.96 million) to the Coinbase Prime exchange.

The assets were previously seized from Ryan Faras, who was convicted in 2018 of selling drugs through the darknet marketplace Silk Road.

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