World Crypto Global Official Site | mt gox bitcoin

Author: Scott Matherson

$2.9 Billion In Mt. Gox Bitcoin On The Move For The First Time In 5 Years, Where Is It Headed?

Mt. Gox, a bankrupt Bitcoin exchange based in Shibuya, Tokyo, Japan, has executed a large-scale Bitcoin transfer to several unknown wallets. This move has effectively spooked the broader cryptocurrency market, sparking concerns about potential selling pressures. Mt Gox Transfers Over $2.9 Billion Worth Of Bitcoin On May 27, Blockchain analytics platform, Arkham Intelligence unveiled a massive Bitcoin transaction initiated by Mt. Gox. The bankrupt Bitcoin exchange transferred a whopping 42,830 BTC valued at $2.9 billion, into several unknown wallets, marking the first transfer in five years. Related Reading: Crypto Analyst Predicts 28,900% Rally To $154 For XRP Price, Heres When The reason for this transfer remains unclear, however, the transaction comes after Mt. Goxs recent announcement of reorganization plans to compensate its creditors and customers who were victims of its hack attack and bankruptcy in February 2014. Furthermore, these large-scale transactions have unsettled the crypto market, with many speculating about the potential impact on Bitcoins value. One crypto member disclosed that it might be time to dump BTC, suggesting that a potential sell-off could significantly impact the market. With Bitcoin already falling by 4.41% over the week, and trading below $70,000 at $67,834, a sell-off could trigger more price decreases for the cryptocurrency. Mt. Gox Goes On BTC Transfer Spree Following its 42,830 Bitcoin transfer, Blockchain tracker and analytics platform, Whale Alert revealed that Mt. Gox had executed a series of transactions on the same day. With just a few hours between each transaction, Mt. Gox initiated over five large-scale Bitcoin transfers. The first two transfers discovered by Whale Alert involved 3,999 BTC and 8,239 BTC worth approximately $277.6 million and $565 million respectively. The subsequent transactions saw Mt. Gox transferring 14,057 BTC and 16,589 BTC, valued at about $966.3 million and $1.1 billion, respectively. Mt. Goxs largest transaction was a staggering 34,138 BTC valued at $2.3 billion, sent to an unknown wallet. The Bitcoin exchange also transferred another massive 32,137 BTC and 32,499 BTC, valued at approximately $2.1 billion and $2.2 billion respectively. In total, Mt. Gox moved over 141,659 BTC worth more than $9.6 billion in a single day to several unidentified wallet addresses. Mike Deutscher, a crypto analyst and avid Decentralized Finance (DeFi) supporter, has noted that such a significant Bitcoin transaction was likely to induce selling pressures in the Bitcoin market. He emphasized that any Fear, Uncertainty and Doubt (FUD) related to Mt. Goxs transfers should be viewed as a prime opportunity to accumulate more Bitcoin. Related Reading: Crypto Analyst Says XRP Price Will Crash 80% To $0.10, Whats The Trigger? Additionally, Deutscher reassured community members, stating that he was not concerned about the possible impacts of Mt. Goxs large-scale transactions on the market. He pointed to the Bitcoin exchanges disclosure of its 200,000 Bitcoin reimbursement plans to creditors since January 2024 as grounds for his confidence. Another crypto member, Mark Karpeles, also alleviated the communitys fears about Mt. Goxs Bitcoin transfers. As far as I know everything is fine with MtGox. The trustee is moving coins to a different wallet in preparation of the distribution that will likely happen this year; there is no imminent sale of bitcoins happening, Karpeles stated. Featured image from Zipmex chart from Tradingview.com

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Mt Gox Gets Approval To Return 141,686 To Victims Affected In 2014 Hack

Author: Best Owie

United Kingdom

Source: NewsBTC

Nov 19, 2021 12:10

Mt Gox Gets Approval To Return 141,686 To Victims Affected In 2014 Hack

Mt Gox is set to return BTC lost by victims who were affected when its platform was hacked back in 2014. The Mt Gox hack has become somewhat of a legend in the crypto space, although it is very much real. It really kickstarted the “not your keys, not your coins” school of thought after thousands lost their crypto holdings when the crypto exchange succumbed to a hack that would see it shutter its doors forever. The Mt Gox rehab plan was established after the hack, seeking to compensate those who lost their bitcoins to the hack six years ago. The rehab plan had been pending for a while but a trustee board has recently approved the plan. This means that compensation will soon begin for the victims of the hack who will finally get at least a portion of the assets they had lost in 2014. Related Reading | Crypto Analyst Says Bitcoin Won’t Hit $100,000 This Year, When Will It Hit? Redistributing 141,686 BTC The total amount of bitcoin to be redistributed in the rehab plan is 141,686. It will go to those who are confirmed to have lost their bitcoin to the exchange hack and had subsequently voted to have the rehab plan approved. The Tokyo District Court had approved the reimbursement notice after the voting period was concluded, which would see the BTC redistributed back to the victims. BTC on a downward trend | Source: BTCUSD on TradingView.com Users affected by the hack have waited more than six years and now it looks like there is a light at the end of the tunnel. The date of redistribution is yet to be disclosed by the parties in charge. Mindao Yang, a creditor of Mt Gox, disclosed that the victims may in fact not see their compensation until 2023. This is because creditors will have to collect their funds gradually over time. Redistribution Plan A factor to consider when it comes to the redistribution of the BTC is the fact that the bitcoins are now worth a lot more than they used to. When the infamous Mt Gox hack occurred, the price of bitcoin was $500-$600 on average. Today, the digital asset’s value has ballooned to over $60,000. This has led to concerns as to whether the victims will get their original BTC holdings back or be paid out in fiat. CoinDesk addressed this in a report from May as to how the redistribution could work. Claimants had received a letter in 2020 that notified them of how their holdings would be returned. The payouts would be made in both JPY and BTC or BCH. However, it is being made with the price of bitcoin pegged to about $7,000 per coin. This is a long way from the current trading price of over $60K but it is also much higher than the average price when the hack occurred. Impact On Bitcoin Price With approximately 150,000 BTC set to hit the market once the redistribution begins, there have been speculations of what this might mean for the digital asset. Some have predicted that the price of bitcoin will suffer greatly once these coins hit the market. This is not entirely true. Related Reading | There Are More People Using Bitcoin Wallets Than Bank Accounts, Says El Salvador President There is no doubt that some of the BTC being released will hit exchanges. However, it is important to bear in mind that the payouts will not happen in one fell swoop. The redistribution will be carried out over time to various creditors. This means that all of the 141,686 bitcoins will not hit the market at the same time. Rather, only a small amount at a time will be released, which will not have much impact on the price of the digital asset. Featured image from Forbes, chart from TradingView.com

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Bitcoin Price Hope: Mt. Gox Delays Repayment Plan Until October 2025

Author: Ronaldo Marquez

United Kingdom

Source: NewsBTC

Oct 12, 2024 12:05

Bitcoin Price Hope: Mt. Gox Delays Repayment Plan Until October 2025

In a development that could offer relief for Bitcoin (BTC) and the broader crypto ecosystem, Mt. Gox, the defunct cryptocurrency exchange that was hacked in 2014, has announced a significant delay in its repayment plan for affected creditors. Originally set for October 31, 2024, the new deadline for repayments has been pushed to October 31, 2025. Mt. Gox Trustee Announces New Repayment Timeline This delay is particularly notable given that the repayment of approximately 200,000 BTC to creditors could have exerted downward pressure on Bitcoin’s price. Had the repayments proceeded as scheduled, there was concern that many affected investors might liquidate their holdings en masse, potentially exacerbating Bitcoins existing downtrend and leading to a sharp price decline. Related Reading: SEC Strikes Again: Cumberland DRW Charged For Unregistered Crypto Operations In a statement released on Thursday, the Rehabilitation Trustee outlined the current status of the repayment efforts. It noted that while significant progress has been made in processing repayments, many creditors have yet to receive their funds due to incomplete procedures or issues encountered during the repayment process. The Trustee stated: With the exception of certain types of repayments, the Rehabilitation Trustee has largely completed the Base Repayment, Early Lump-Sum Repayment, and Intermediate Repayment for rehabilitation creditors who have completed the necessary procedures. However, the statement highlighted that a considerable number of rehabilitation creditors still await their repayments. In light of these challenges, and with permission from the court, the Trustee determined it was in the best interest of all parties to extend the deadline for repayments. Key Levels To Watch For Bitcoin Amid Ongoing Fluctuations Despite recent optimism surrounding the Bitcoin market, the cryptocurrency has once again fallen below the critical $60,000 mark. This decline follows a brief uptrend triggered by the US Federal Reserve’s (Fed) decision to cut interest rates on September 18, which initially boosted confidence among crypto investors. Bitcoin had rallied to approximately $66,500 on September 27, marking its best September performance in over a decade. However, the cryptocurrency has since faced a sell-off, resulting in losses exceeding 2% in the last 24 hours and nearly 9% over the past two weeks. Related Reading: XRP Could Surge To $60 Overnight Using SWIFT Model, Expert Says Crypto analyst Rekt Capital has pointed out that Bitcoin is currently down around 6% for October. Historically, the cryptocurrency has experienced downturns in October only twice: in 2014, when it fell by 12.95%, and in 2018, with a decline of 3.83%. Both years were characterized by bear market conditions. With the current year being a Halving yearan event that historically has led to price increasesthere is a prevailing sentiment that Bitcoin may avoid a negative monthly close this October, according to Rekts analysis. Rekt Capital also noted that Bitcoin is currently testing the Weekly Re-Accumulation Range Low, which is around $60,600. This level serves as crucial support, and maintaining a weekly close above it could set the stage for a potential upward movement. Conversely, if Bitcoin fails to hold this support, the analyst warns that it could lead to further declines, potentially pushing the price below $55,000. At the time of writing, BTC trades at $59,650, as seen in the daily BTC/USDT chart below. Featured image from DALL-E, chart from TradingView.com

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