Mt. Gox withdraws record $ 2.71 billion in bitcoin in just one transaction

On the night of July 5, 2024, the bankrupt crypto exchange Mt. Gox transferred 47,229 BTC to a new address, which, according to Arkham Intelligence analysts, amounts to approximately $ 2.71 billion. The transaction was one of the largest in recent times. It immediately attracted the attention of the crypto community.

After the transfer, 2702 BTC were sent from the new address to the exchange’s cold wallet. Subsequently, these assets were moved to another address 1PKGGMh5cGYMMJq32aVY8gfCzsmUiszwzV. According to Arkham Intelligence, 1545 BTC worth about $ 85 million were also withdrawn from this wallet to the account of Bitbank, which is involved in the distribution of payments.

This event became significant in the context of capital flows on Mt. Gox accounts. It is known that several small transactions were recorded the day before, indicating preparations for the payout. The news about the start of payments appeared at the end of June 2024, where it was stated that users would receive refunds in bitcoin and Bitcoin Cash.

The excitement caused by the news of large fund transfers led to a decline in the bitcoin rate BTC $95,502.82 Bitcoin -0.78% Market capitalization $1.89 trillion VOL. 24 hours $2.28 billion , which fell below $ 54,000. The price of Ethereum ETH $3,314.59 Bridged Ether (StarkGate) -0.47% Market capitalization $0.3 billion VOL. 24 hours $1.35 billion also dropped to $ 2900. This is likely due to expectations that a significant amount of bitcoin entering the market will create pressure from sellers.

Fears have increased after JPMorgan Chase experts stated that there is a high probability of selling some of the bitcoins received by the exchange’s customers. However, Mt. Gox has officially announced the start of payments to customers in bitcoin and Bitcoin Cash, which may stabilize the market.