Mt. Gox Makes Surprise Return with Massive Bitcoin Dump, Crypto World on Edge

• Defunct Bitcoin exchange Mt. Gox transfers $7.2 billion in Bitcoin.
• Massive transfer raises questions amid ongoing creditor repayment process.
• As of writing, Bitcoin is trading at a daily loss of 1.53% and a weekly decline of 4.87%.

Blockchain tracker Whale Alert reported that on the morning of May 28, cryptocurrency wallets controlled by the now-defunct Mt. Gox transferred approximately 107,547 BTC (equivalent to 7.2 billion USD) to an unknown wallet.

Whale Alert’s initial report detailed a transfer of 3,999 Bitcoins (worth roughly $277 million) from Mt. Gox to an unknown wallet. This move sparked significant interest within the crypto community, especially considering Mt. Gox’s ongoing efforts to reimburse creditors affected by its 2014 collapse. For those uninitiated, Mt. Gox was a Japanese-based crypto exchange that collapsed in 2014.

3,999 #BTC (277,654,876 USD) transferred from #MtGox to unknown wallethttps://t.co/hIjDOB73kC

— Whale Alert (@whale_alert) May 28, 2024

Once one of the largest Bitcoin trading exchanges, Mt. Gox was forced to close after a major hack that affected over 24,000 customers and resulted in the loss of hund…

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