Cryptocurrency exchange data and market analysis

Mt. Gox Moves Bitcoin Holdings, Prepares $9 Billion Disbursement, Transfers SOL to Binance and Kraken

May 28, 2024, 02:36 AM

Mt. Gox, the defunct cryptocurrency exchange, has initiated significant movements of its Bitcoin holdings for the first time in six years. An outgoing transaction of 2000 BTC was detected from one of the addresses controlled by the Mt. Gox trustee. Additionally, another 32,499 Bitcoin was sent to a new address, bringing the total to 107,547 Bitcoin out of a reported 142,000. The exchange is preparing to disburse approximately $9 billion in BTC to creditors, with some speculating that a portion of this may flow into Ethereum. If 21% of claimants decide to sell their BTC, it could result in a $1.94 billion outflow into the market. Furthermore, Mt. Gox unstaked 3.96 million SOL, valued at $664 million, and transferred 750,000 SOL ($125 million) to Binance and Kraken.