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Bitcoin Dips Below $63K as Mt. Gox Moves $2.8B BTC to Internal Wallets
One observer said the movement of coins was likely a part of the exchange's creditor reimbursement plan.
Updated Jul 16, 2024, 12:57 p.m. Published Jul 16, 2024, 7:24 a.m.
- BTC dips 3% on renewed movement of coins by defunct crypto exchange Mt. Gox.
- One observer said the movement of coins was likely a part of the exchange's creditor reimbursement plan.
Bitcoin faced renewed selling pressure on Tuesday after blockchain data showed defunct exchange Mt. Gox started moving coins internally for potential repayments to creditors.
The leading cryptocurrency by market value dipped 3% briefly falling below $63,000, after testing the $65,000 mark during the early Asian trading hours, according to CoinDesk.
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The decline happened as the wallet associated with Mt. Gox initially moved 0.021 BTC ($1,000) to the blockchain address: 1EoZd1QNCiN9JbnsqvLRDbHKLygAsXHg3V. The small movement, supposedly a transfer test, was followed by a significant movement of 44,527 BTC ($2.84 billion) to an internal wallet, according to data tracked by Arkham Intelligence.
The movement was likely a part of the repayment plan, according to on-chain sleuth Lookonchain. Cryptocurrency exchange Kraken has reportedly confirmed creditor repayments, saying it has received funds and will distribute them over the next two weeks.
Mt. Gox moved 44,527 $BTC(2.84B) to an internal wallet 5 minutes ago, which may be preparing for repayment.#MtGox currently holds 138,985 $BTC($8.87B).https://t.co/f2q66eQNuk pic.twitter.com/JlqkZdzkPC
— Lookonchain (@lookonchain) July 16, 2024
Mt. Gox, once the largest bitcoin exchange in the world, went bust in 2014 after it lost hundreds of thousands of bitcoin in a hack. The exchange began repaying its debt on July 4, spurring fears of mass selling by creditors who have waited for reimbursements for a decade.
Bitcoin's drop weighed over the broader market, with ether, the second-largest digital asset by market value, dipping over 2.5% to $3,400. The CoinDesk 20 Index (CD20), a broader market gauge, fell over 2% to 2,182.
Update (11:21 UTC): Added detail about Kraken confirming Mt. Gox creditor repayments.
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