Mt. Gox has begun the process of funds redistribution, as one of the exchange's wallets received a large chunk of BTC worth $2.4 billion. Considering all the development around the exchange, the most likely reason behind this move is an upcoming return of funds to victims of the hack.
Mt. Gox transferred 44,527 BTC, or $2.84 billion, to an internal wallet a few moments ago. This could be a sign of the beginning of funds distribution to hack victims. As it stands, Mt. Gox is in possession of 138,985 Bitcoin, which is equivalent to about $8.87 billion.
Given the anticipated reimbursement process, exchanges' sizable reserve has been the focus of the market. The industry was naturally alerted to the movement of such a large amount of BTC, which resulted in quick volatility surges in the price of Bitcoin. After the transaction, there was a discernible price drop witnessed on BTC. Bitcoin is trading at roughly $63,315, falling sharply from approximately $65,000, as can be seen on the most recent price chart because of the significant transfer from Mt. Gox.
Alex DovbnyaThe reallocation of capital by Mt. Gox, one of the biggest and longest-running tales in the cryptocurrency world, may be coming to an end, which makes it an important event for us. This move may finally open the door for investors to receive their long-overdue compensation after years of waiting for a resolution.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team