The MtGox crypto exchange moved more than 75,000 BTC in less than 6 hours, as part of the distribution of funds to the MtGox creditors.
Mt.Gox was a well-known Bitcoin exchange that started in 2010. It became very popular because many people used it to buy and sell Bitcoin with regular money. But in early 2014 it was hacked. The people running Mt.Gox tried to cover up the hacking incident by changing the data. Many users lost their money. It was later discovered that Mt.Gox was also involved in illegal activities such as money laundering and tampering with customer transactions.
In the last 4 hours, the Mtgox trustee has transferred a total of over 75,000 Bitcoins (BTC) to an unknown BTC address, a total of three transactions.
The MtGox BTC address currently holds 137,892k BTC. Mt Gox will distribute its holdings of 142,000 BTC and 143,000 BCH to creditors before October 31, 2024.
After these reports about MtGox, the majority of Bitcoin traders started speculating about the possible next step for the Bitcoin market.
Some large and private Bitcoin investors are now selling their Bitcoin and the level of selling pressure in the Bitcoin market is visible enough.
The current trading price of Bitcoin is $67,813 and this trading price is down 4% in the last 12 hours. It is notable that the trading price has fallen from $70,500 to $67,344 in the past 12 hours.
In this situation, the majority of Bitcoin proponents are trying to convince Bitcoin investors to remain positive.
Some people claim that Bitcoin’s trading price won’t crash because individual MtGox creditors won’t sell their Bitcoin. On the other hand, some critics claim that MtGox creditors will not hold Bitcoin, but will sell it for now to buy later at a discounted price.
Also read: GalaGames, in collaboration with Binance, successfully finds the perpetrator behind the hacking attack