Mt. Gox Sent $9B in BTC. Mt. Gox sent about $9 billion (or more than 140,000 Bitcoin) to two unidentified addresses and one known cold wallet in only three hours on July 16. Arkham Intelligence reports that Mt. Gox has resumed the mobilization of cash stored for the first time in two weeks and that the company still has 138,985 Bitcoin (BTC) in its main wallet, worth roughly $8.7 billion. Almost 96,000 BTC, or more than $6 billion, was transferred to two anonymous wallets in two separate transactions, with the first 44,527 BTC going to a known Mt. Gox cold wallet.
Over $6 Billion Moved in Two Hours
The cumulative number of Bitcoin transactions at Mt. Gox reached about 190,000 BTC in just three hours on July 16. This represents a movement in value of more than $12 billion; the transactions took place on July 16. The address “Mt. Gox: Cold Wallet (1Jbez)” was given 4,641.24 BTC, equivalent to $293.94 million. On the other hand, an unidentified address with the ending “BHDct9b” was given 42,587 BTC, equivalent to $2.69 billion.
The value of the 42,587 Bitcoins held by the “BHDct9b” address, which has not yet been transferred, has decreased due to the market’s worry. Nearly immediately after that, 48,641 Bitcoins were sent to an unidentified address, resulting in the loss of $3.07 billion worth of assets from the primary Mt. Gox wallet.
Market Response
On July 16, the price of bitcoin fell from an early high of approximately $65,000 to a low of $63,000 within hours that were closely intertwined with one another. The ripple effect caused the prices of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), UNI (Uniswap), and Bitcoin Cash (BCH) to plummet by more than 5%. These cryptocurrencies might be classified as cryptocurrencies. The sentiment of the market switched to one of pessimism as more Bitcoin exited wallets that were unknown to the market. The price of Bitcoin began to fall an hour before the first transaction on Mt. Gox Sent $9B in BTC on July 16, and it continued to fall until it reached its lowest point.
Repayment Repercussions
On July 5, Mt. Gox said that it would begin repaying its creditors for their Bitcoin and Bitcoin Cash obligations through permitted cryptocurrency exchanges. Creditors in need of rehabilitation would receive the funds. An attorney named Nobuaki Kobayashi was designated as the Rehabilitation Trustee in the statement, and Mt. Gox Company Limited was named as the Rehabilitation Debtor.
The statement of returns indicates that the remaining creditors for rehabilitation would receive their money “promptly,” provided all of the essential conditions have been satisfied. The speedy refunds that were promised may take place before August, given that more than $9 billion worth of Bitcoin was transferred out of the primary Mt. Gox wallet on July 16.
