Bitcoin Transfer From Mt. Gox Wallet Causes Major Stir In The Market.

Billions of dollars' worth of Bitcoin belonging to the collapsed crypto exchange Mt. Gox have been transferred to an unknown wallet.

After approximately 107,547 BTC, valued at around $7.3 billion, were transferred from wallets known to belong to the defunct crypto exchange Mt. Gox to an unknown wallet, the price of Bitcoin (BTC) fell by 2% on May 28.

This significant transfer occurred just months before the plan to return the BTC assets of the closed exchange to creditors before October.

Whale Alert shared these movements in a May 28 post on X (formerly known as Twitter), highlighting six separate transactions ranging from 3,999 BTC to 32,499 BTC within a few hours.

Blockchain explorer Arkham Intelligence revealed that the transactions occurring between 04:41 and 07:46 involved multiple Mt. Gox cold wallet transfers, each moving approximately 2,000 BTC.

In total, 107,547 BTC, valued at about $7.29 billion, were transferred.

The security firms handling Mt. Gox's assets, Nagashima Ohno and Tsunematsu, did not respond to inquiries regarding the destination and reason for these Bitcoin transfers.

According to CoinMarketCap, following this significant transfer, Bitcoin experienced a roughly 2% decline. Initially trading at $69,374 during the first transfer, Bitcoin is currently trading at $67,875.

Last month, analysts at K33 Research warned that the movement of Bitcoins from the Mt. Gox era could "spook the market" and create downward price pressure on the cryptocurrency.

Following the attacks in 2014, the collapsed Mt. Gox exchange owes a total of $9.4 billion in Bitcoin to 127,000 users.

The final repayment date to Mt. Gox's creditors has been set for October 31. The trustee management initiated the identity verification process in January by reaching out to the creditors.

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