Bitcoin weakness spurs $441M digital asset inflows

Digital asset investments see significant inflows of $441 million, driven by Bitcoin price weakness, Mt. Gox activity and a German government sell-off, according to a CoinShares report.

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Bitcoin Price Falls as Mt Gox Starts Repayments

Bitcoin's price plunged below $55,000 as the now-defunct Mt Gox exchange began distributing billions in owed funds to creditors, sparking a broader Bitcoin and crypto market sell-off.

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Mt.Gox Creditors Reclaim 59,000 Bitcoin Via Exchanges, More Redistribution Imminent

After over a decade of suspense, creditors of the defunct Mt. Gox Bitcoin (BTC) exchange have finally begun receiving long-awaited payouts this month. Data from research firm Glassnode shows that as of Tuesday, 59,000 of Mt. Gox’s 142,000 BTC had already been distributed to creditors via the Kraken and Bitstamp exchanges, with another 79,600 BTC to [...]

The post Mt.Gox Creditors Reclaim 59,000 Bitcoin Via Exchanges, More Redistribution Imminent appeared first on Crypto Breaking News.

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Mt. Gox Moves $6 Billion Worth of Bitcoin

Mt. Gox's rehabilitation trustee transferred around $6 billion worth of Bitcoin to new wallets, taking further steps to reimburse creditors from the exchange's infamous 2014 hack.

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$9 Billion in Bitcoin: Mt. Gox to Start Repayments in July

Defunct Bitcoin exchange Mt. Gox announced it will finally begin distributing assets stolen in its 2014 hack to victims starting in July 2024, after years of delays.

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$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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Bitcoin Retreats After Mt. Gox Transfers $9.3 Billion Worth Of BTC In Readiness For Creditor Payouts

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Mt. Gox Shifts Over $1 Billion Worth Of BTC As Bitcoin Price Reclaims $90,000

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Bitcoin Price Unfazed As Long-Bankrupt Exchange Mt. Gox Makes $1 Billion BTC Transfer

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Mt. Gox Moves Over $930 Million Worth Of Bitcoin To Unmarked Wallet Amid Market Carnage

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Bitcoin price retargets $29K after Mt. Gox panic liquidates $320M

Carnage thanks to a disproved scare over Mt. Gox bitcoins destroys large amounts of BTC open interest and trading positions in hours.

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Creditors of Mt. Gox Get One Month Extension For Registering Claims

Creditors of Mt. Gox will now have an extra month to register. There has been a one-month extension given to

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Nine Years Ago Today: Recalling The Bitcoin Exchange Failure That Was Much Bigger Than FTX

While FTX’s collapse last year rattled the Bitcoin ecosystem, nine years ago a bigger failure damaged it even more. What does that teach us?

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New Deadline For Repayments Registration Revealed For Mt. Gox Creditors

The first payback instalment from Mt. Gox has been postponed by two months, from July 31 to September 30 per

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Ether tests $1,200 but bears better positioned for $1.13B options expiry on Nov. 25

Bears are better positioned to profit roughly $215 million during November's Ether options expiry, putting pressure on ETH's price near a critical resistance level.

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Bitcoin During Mt Gox vs FTX Collapse – Will It Survive The Crash?

Tragic price crashes in the aftermath of a collapse or crypto heist victimize Bitcoin. This year’s cascade of collapses –

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700,000 Bitcoin Lost Eight Years Ago Today: Learning From The Fall Of Mt. Gox

On February 24, 2014, infamous bitcoin exchange Mt. Gox went offline after 744,000 BTC — worth billions of dollars today — was stolen.

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Big BTC Crash Ahead? Mt. Gox Creditors To Be Paid In Bitcoin After Making Over 2,000% Gains

Mt. Gox creditors can expect a big payday following the confirmation of the rehabilitation plan by a Japanese court. The sheer amount of Bitcoin to be distributed to creditors could send the markets spiraling downwards. However, some believe that the markets are mature and can withstand the shockwaves of a potential sell-off. The Mt. Gox […]

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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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Bolt From The Past: The Mt. Gox Incident

Mt. Gox was once the largest bitcoin exchange in the world, processing 70% of BTC transactions around the world. The exchange garnered notoriety in 2014 after revealing that almost 800,000 BTC was stolen from its hot wallets. The incident was one of the earliest scandals that plagued the nascent cryptocurrency industry and threatened the existence […]

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