Bankrupt crypto exchange Mt. Gox is gearing up to distribute its remaining 80.5k Bitcoin holdings to creditors and investors. This preparation comes as Bitcoin’s price struggles to break through the $70,000 barrier.
Key Highlights:
– Test Transfers Underway: Mt. Gox recently executed test transfers of 0.02 BTC (approximately $1,350) and 0.0001 BTC to various addresses. This is part of their preparation to move the remaining 80,128 BTC, worth $5.35 billion.
– Historical Context: The exchange, which collapsed following a major hack a decade ago, has until October to return over 140,000 BTC to the affected victims.
– Recent Activity: Mt. Gox has already initiated the initial distribution of Bitcoin through exchanges like Kraken and Bitstamp. Despite some earlier withdrawal issues, these have largely been resolved.
– Ongoing Transfers: The exchange has recently executed Bitcoin transfers, totalling around $5.52 billion. After the test transactions, they moved Bitcoin worth $2.85 billion to an undisclosed wallet and another $2.47 billion from cold storage to an unknown address.
– Market Outlook: Despite the Mt. Gox distribution, the crypto market is expected to remain stable, buoyed by positive investor sentiment around potential ether ETFs and the upcoming U.S. presidential election.
Stay Informed
As Mt. Gox continues its distribution process, keep up with the latest updates on how these movements might affect the crypto market. For more details, stay tuned!