U.Today – The cryptocurrency market is once again drawing attention with extraordinary activity as Whale Alert reports that 37,477 BTC, worth over $2.5 billion, has been transferred between unknown wallets. This development begs the question: who is behind these anonymous wallets?
However, data from Arkham Intelligence provides a possible answer, identifying both the sender and recipient addresses as belonging to Mt. Gox.
Mt. Gox, originally a trading platform for cards in the game “Magic: The Gathering,” transformed into the world's leading exchange in 2010, taking advantage of the booming cryptocurrency market.
By 2014, it dominated the industry, handling over 70% of all Bitcoin transactions. However, Mt. Gox’s success story took a dark turn due to hacking incidents that led to substantial BTC losses, which eventually led to its bankruptcy in 2014 and the closure of its operations.
What is happening?
Mt. Gox has been in the spotlight this year as it works to pay off creditors following its bankruptcy. The payment process began this month, July 2024, with the exchange transferring BTC from its wallets, likely to prepare for payments to creditors. Today’s transfers appear to be part of this payment process.
To further support this theory, Spot On Chain reports that Mt. Gox moved 2,239 BTC, equivalent to $149 million, to Bitstamp just four hours ago. To fulfill the July payment plan, Mt. Gox deposited 1,545 BTC, worth $83.5 million, to Bitbank on July 5. It moved 48,641 BTC, equivalent to $3.06 billion, to the “3JQie” wallet, likely a Kraken deposit, on July 16. Today, July 23, it transferred 2,239 BTC, worth nearly $149 million, to Bitstamp.
In response to these events, the price of Bitcoin has fallen by almost 1.3%, and the leading cryptocurrency is currently trading at $66,666.
This article was originally published on U.Today
