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Mt. Gox Doesn't Stop While Bitcoin Shakes: Another $352 Million Came Out - Coin Bulletin
Bankrupt cryptocurrency exchange Mt. Gox made a transfer following the fluctuations in Bitcoin (BTC) price.
According to information provided by the on-chain firm Arkham Intelligence, an account belonging to Mt. Gox sent 3,620 Bitcoins worth $352.69 million to an unknown address this morning.
The transaction made by Mt. Gox is notable in terms of timing. After breaking the record with 103,608 dollars, Bitcoin experienced a sudden drop early this morning and fell to 92,980 dollars.
BTC Markets analyst Rachel Lucas believes that this drop is related to the leveraged positions in the market. According to Lucas, market makers quickly reversed the price after it crossed $100,000, leading to the liquidation of positions. As a result, $1 billion worth of positions were liquidated from the market within 24 hours.
Continuing repayments
Mt. Gox also sent 24,052 bitcoins to a newly opened wallet the other day. The Mt. Gox address had also conducted significant transactions last month, but this was not enough to stop the Bitcoin bulls.
The exchange, which lost 850 thousand Bitcoins as a result of a hack attack, went bankrupt in 2014 and started to make payments to its creditors in June 2024. The deadline for this was postponed until the end of 2025.