Bitcoin hit $67,409 early Tuesday morning following news that former crypto exchange Mt. Gox had redeployed nearly $10 billion in BTC.
Mt. Gox was the world's largest bitcoin exchange before it suddenly went bankrupt and “lost” most of its coins to theft.
While the exchange eventually recovered most of its holdings and went through a lengthy bankruptcy process in order to repay former customers, it remains a source of great uncertainty in the market, given that selling BTC to repay creditors could lead to increased selling pressure.
According to blockchain “de-anonymization” platform Arkham, Mt. Gox moved roughly $9.66 billion worth of BTC into three newly created wallets in four separate transfers per address.
While there were initial concerns that the exchange was considering selling the coins, former Mt. Gox CEO Mark Karpeles clarified on social media platform X that the coin movement was merely preparation for a possible distribution later this year.
“As far as I know, there are no issues with Mt. Gox. The trustees are moving the coins to separate wallets in preparation for distribution later this year, and no Bitcoin sales are imminent.”
At the time of writing, BTC is trading at $67,740.
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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies and digital assets. Transfers and transactions are at your own risk and you are responsible for any losses incurred. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and is not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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