Mt. Gox Transfered $2.7 Billion in Bitcoin, Marking the Beginning of the Repayment Plan
After 10 years of waiting, investors in bankrupt crypto exchange Mt. Gox will soon start getting their money back.
According to Arkham Intelligence, Mt. Gox’s cold wallet transferred 47,228 Bitcoin tokens worth $2.708 billion to two addresses.
After a series of test transactions on Thursday, it looks like the distribution of the compensation is about to begin.
While many investors are happy to be able to receive their long-lost funds after a long wait, it’s not such good news for everyone.
The threat of a massive selloff has spooked investors, and it’s not just Mt. Gox that is emerging as a threat to fuel the downtrend.
READ MORE: Bitcoin Analyst Predicts Potential Peak by January 2025
The German government is also selling off huge amounts of BTC, which has presumably led to the sharp drop in the price of Bitcoin below $60,000.
At the time of writing, Bitcoin is trading for $56,900 after a 5.7% drop in the last 24 hours and a trading volume of $42.6 billion.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
