The bankrupt exchange Mt.Gox has transferred 47,229 BTC ($2.99 billion) and 48,641 BTC ($3.1 billion) to unidentified addresses, according to data from Arkham.
One of the major recipients of creditors’ assets—bitcoin and Bitcoin Cash—is the American exchange Kraken.
Previously, the platform moved 44,527 BTC (~$2.84 billion) between internal cold wallets. Specialists at Lookonchain suggested that the movement of funds is related to a plan to settle creditors’ claims against the platform.
Mt.Gox will distribute a total of 138,985 BTC valued at ~$8.74 billion. Analysts have speculated that the sale of these assets could exert pressure on the market, although some believe such concerns are exaggerated.
Amid the exchange’s coin movements, the price of bitcoin fell below the $63,000 level. A similar scenario occurred at the end of June when the Mt.Gox trustee announced the start of compensation payments.
“We focused so much on the German government and forgot about Mt.Gox,” noted one user.
We focused so much to Germany government but we forget about Mt.gox pic.twitter.com/oF7kNBQBv6
— Poseidon (@CryptoPoseidonn) July 16, 2024
From June 19 to mid-July, authorities in the German state of Saxony sold ~50,000 BTC, seized in January from administrators of the pirate movie site Movie2k.
Some estimates suggest that this sale contributed to the decline in the digital gold’s price. One commentator noted that in the case of the “German” bitcoins, the amount was “only” ~$3 billion.
Former owner and head of the exchange Mark Karpeles does not expect mass sales of cryptocurrency by the platform’s clients.