5 Billion dollar transfer panic created: Bitcoin is dropping!

Bitcoin (BTC), the wallet of the collapsed crypto exchange Mt. Gox moved approximately 75,000 21 BTC worth about 5 billion dollars to an unknown wallet, causing a 2% drop.

The scary transfer in Bitcoin took place before the plan to return the BTC assets of the defunct crypto exchange Mt. Gox to creditors prior to October, as revealed by the X account, known for on-chain data, with four on-chain statistics of 3,999 BTC and over 16,500 BTC in X transfers on May 28.

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The threat of Mt. Gox on Bitcoin continues

Blockchain research firm Arkham Intelligence published four transactions, including a total of 21 transfers, moving most of the 2,000 BTC in a single transaction from multiple Mt. Gox cold wallets from 01:41 to 02:54 UTC on May 28th.

Mt. Gox, by moving an additional 32,137 BTC to the same address at 04:11 UTC, brought its total assets to over 5 billion dollars in Bitcoin value. All transactions pointed to a single inactive address. Arkham still shows that Mt. Gox holds approximately 138,000 BTC worth over 9.36 billion dollars.

The Nagashima Ohno and Tsunematsu, the trustee of Mt. Gox, did not immediately respond to the question of where and why Bitcoin was moved. Bitcoin dropped by about 2% after the movement of Mt. Gox BTC, and according to CoinMarketCap, it is currently trading at $67,875 from the initial transfer price of $69,374.

Last month, K33 Research analysts had warned that the movement of Bitcoin from the Mt. Gox era would scare the market and create pressure in the market. The final repayment date for Mt. Gox is October 31. The trustee began contacting creditors in January to verify their identities and change accounts for repayment.

This article does not contain investment advice or recommendations. Every investment and trading operation involves risk, and readers should conduct their own research when making decisions.