On July 5, 2024, Mt. Gox, which has been under scrutiny since its collapse in 2014, made a significant transfer of 47,229 BTC, valued at $2.71 billion, according to Arkham Intelligence. This transfer included subsequent movements to and from various wallets, causing fear and uncertainty in the community.
In response to these events, Mark Karpeles, the former CEO of Mt. Gox, expressed relief that customers were finally receiving their Bitcoin after more than a decade of uncertainty.
Karpeles, known for overseeing the infamous exchange during its rise and fall, faced legal challenges after the exchange collapsed in 2014, resulting in the loss of over 850,000 BTC, including customer funds.
The news triggered significant market reactions, with the price of BTC falling below $54,000 and Ethereum surpassing $2,900. Many attributed the market downturn to expectations of increased selling pressure from the influx of cryptocurrency being distributed by Mt. Gox.
Arkham Intelligence also revealed that an additional 1,545 BTC, valued at nearly $85 million, was withdrawn from this wallet to a Bitbank account, a platform chosen by Mt. Gox management for payments. This development coincided with earlier announcements that the exchange would begin refunding users in Bitcoin and Bitcoin Cash (BCH) in July 2024.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
