At 10:19 UTC+8 today, Mt Gox moved significant amounts of Bitcoin, a total of 191.678 BTC worth $20.42 million were transferred to the new address bc1q6h…gf9zaa. Following this transfer, another 1,428 BTC which is worth $152 million was transferred to address 13JrY5…MVZJCX as per Wu Blockchain.
These two transfers have raised questions within the community. According to Arkham intelligence, the cryptocurrency exchange company still holds 37.705K BTC worth approximately $4.03B, which hints that the cryptocurrency exchange company might be getting ready for possible payouts for loss experienced by the creditors during the hack or the exchange could be directed on to other undisclosed developments.
Large BTC Movements Rekindle Mt Gox Saga
In 2014, Mt Gox was the leading crypto currency exchange. The exchange collapsed due to a hack, in which around 850,000 BTC were lost. Since then the creditors have been waiting for the payback. Such random BTC transfers gives rise to a wave of concern and hope to the creditors.
Even though there has been no official statement of purpose of these transfers, the volume in which these trades have been made, has caught the attention of traders and the investors. With this transfer, the stakeholders are already speculating on what could this mean for Mt Gox’s creditors.
Implication for the Crypto Market
Such large transfer of cryptocurrencies usually mean that there is possibility of sell-off, which creates fear amongst the investors. However, as per the court-directed plans, reimbursement has to be made to the affected creditors. The timeline for repayments has not been fixed yet and has been the topic of an on-going debate, and today’s transfer could signal progress in that direction.
Market experts also hint that such large liquidation could cause a dip in the price of the BTC token. At press time, the price of the BTC token stands at $107,215 with a surge of 2.4% in the last 24 hours.
Creditors and the community members will now be on a close lookout for further developments by Mt Gox. If these payments were made as creditor repayments or were used to internal restructuring remains unclear. The Mt Gox trustee’s next move will be critical in determining the fate of the billions still held.
Also Read: Pudgy Penguins $PENGU Airdrop Claims Go Live Today
Credit:Source link