Mt. Gox Moves $2.4B in Bitcoin While BTC Breaks $82K
Release: 2024/11/12 00:44 Reading: 575
Mt. Gox Transfers $2.4 Billion in Bitcoin
BTC Soars Past $82K
The defunct cryptocurrency exchange, Mt. Gox, has executed a transfer of $2.4 billion in Bitcoin (BTC) across wallets. This significant move is part of the ongoing creditor repayment process, scheduled to conclude in October 2025.
Mt. Gox transferred 30,000 BTC, valued at around $2.4 billion, between three wallets. The majority of the funds were moved to a newly created wallet, while $200 million worth of BTC was sent to cold storage.
The movement follows a series of large BTC transfers from Mt. Gox in recent weeks. On November 5, the exchange transferred 32,371 BTC, valued at approximately $2.19 billion, as part of creditor claim settlements.
The Backstory of Mt. Gox
Mt. Gox once dominated the Bitcoin market, handling over 70% of all transactions. However, in 2014, the exchange collapsed after a devastating hack that resulted in the theft of an estimated 740,000 BTC, worth over $15 billion today. Following bankruptcy settlement proceedings, Mt. Gox is now focused on compensating creditors affected by the hack.
Bitcoin's Market Momentum
The BTC transfer coincides with Bitcoin's continued surge in value. The cryptocurrency recently surpassed $82K, reaching a new all-time high of $82,371. At the time of writing, BTC trades at $82,310, up over 3.33% in the last 24 hours. The market capitalization of BTC has reached $1.63 trillion.
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