Mt. Gox Transfers $2.7B in Bitcoin Ahead of Creditor Repayments

As Bitcoin [BTC] reported a two-month low after declining by 11.715 in the last seven days to trade at $54k, a massive sell-off continued to hit the market.

Bankrupt Japanese crypto exchange Mt. Gox has moved 47,228 BTC ($2.71 billion) from cold storage to a new wallet, according to Arkham Intelligence.

The exchange, which was once responsible for handling over 80% of BTC in USD volume, filed for bankruptcy in 2014 following a series of heists that resulted in the loss of 950K BTC.

Now, a decade later, Mt. Gox is preparing to pay its creditors, with the recent transfer being a step in that direction. Creditors who lost their Bitcoin when it was trading at $600 in 2014 will receive the BTC at its current market value.

According to Lookonchain, the transfer is likely in preparation for repaying creditors in July.

However, the large-scale transfer has sparked concerns among some in the crypto community, with البعض arguing that the move is part of a sell-off that could negatively impact the market.

The recent news of Germany transferring $310M in BTC and Mt. Gox repaying its creditors has led to speculation that this could cause a sell-off in the market.

While some analysts believe that this might lead to a short-term sell-off, projections indicate a rebound from August.

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