At the beginning of this month, the long-awaited funds of the clients of the bankrupt cryptocurrency exchange Mt. Gox were refunded. It created a lot of fear and uncertainty, although this quickly turned into hope for the continuation of the bull market. However, not everyone has been paid yet. Today the coordinator has once again transferred a huge amount of money.
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Mt. Gox Sends Bitcoin Back
The market crashed dramatically at the beginning of this month when it emerged that in addition to sales from the German government and Bitcoin miners, the refunds from Mt. Gox would also bring a lot of new coins to the exchanges. But a week later it turned out that sales remained limited, and then the price rose again, even to an all-time high.
Almost 40% of the total Bitcoin (BTC) has now been returned to investors. This means that the dump has not yet taken place. On Tuesday, Mt. Gox sent the coins back to new wallet addresses. These addresses will be used to refund customers using Bitstamp.
According to data from on-chain analytics firm Intelligence arkham The total is spacious. 47,500 Bitcoin, which is worth about $3.2 billion at current rates.
According to Arkham, the coordinator deposited $1 to 4 different Bitstamp wallet addresses yesterday, possibly as a test. At the time of writing, Mt. Gox still has $6 billion worth of BTC remaining.
This morning: MT GOX funds transfer
Mt. Gox addresses deposited $1 to 4 separate Bitstamp deposit addresses. Bitstamp is one of 5 exchanges working with the Mt. Gox Trustee to facilitate creditor repayment.
Mt. Gox currently owns: $6.08 billion in BTC
These transfers are likely to be… pic.twitter.com/uyOLL7O065
– Arkham (@ArkhamIntel) July 22, 2024
Market is uncertain due to Mt. Gox.
The market is very divided on the consequences of the sales. One analyst predicts that 99% of the total Mt. Gox bitcoins will be sold. All those affected will make a huge profit of around 8,500%, since the cryptocurrency exchange actually went bankrupt in 2014.
Meanwhile, a majority of people in the survey actually indicated that they would not sell their coins. However, this group only received a small majority of 56%.
In addition to Bitcoin, Bitcoin Cash (BCH) and Japanese fiat currency balances will also be partially refunded. Bitcoin price appears to be having a tough time, falling by about 1.7% on Wednesday.
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