Mt. Gox, a cryptocurrency exchange that went bankrupt in 2014, announced on the 5th that it had paid out Bitcoin and Bitcoin Cash (BCH). This means that 10 years after bankruptcy, creditors have received their assets.
In the morning of Japan time, ARKHAM Intelligence data revealed that Mt. Gox had transferred 47,229 BTC of Bitcoin to another wallet.
On the 5th, Japan time, several Mt. Gox wallets made two small transactions over the course of several hours. The largest of these was $24 (approximately 3,864 yen). After that, 44,526.95 BTC of the 47,229 BTC was moved to a new address, and 2,701.78 BTC of that was returned to the Mt. Gox wallet.
Late last month, the bankrupt Mt. Gox announced that it would begin paying out Bitcoin and Bitcoin Cash to creditors in early July. The amount is about 9 billion dollars (about 1.5 trillion yen).
Mt. Gox's repayment and government liquidation cause selling pressure
As Mt. Gox's repayment was carried out, caution selling took the lead in the cryptocurrency market, leading to a general decline.
Bitcoin temporarily fell below $54,500 (about 8.77 million yen), and Ethereum also fell below $2,900 (about 466,000 yen).
As with Mt. Gox's movements, there are concerns in the market that the German government will also sell a large amount of Bitcoin it holds. The German government holds about 50,000 BTC seized from the pirate movie site "Movie2K," but ARKHAM data revealed that on June 19, 6,500 BTC, equivalent to about 425 million dollars (about 68.4 billion yen), was moved to a different address. It was also found that 1,300 BTC was transferred to multiple cryptocurrency exchanges on the 4th.
In addition, the US government may liquidate more than 3,000 ETH of Ethereum.
These factors are putting a lot of selling pressure on crypto assets, and they may continue to be unstable for some time to come.
Reference: Announcement
Image: Shutterstock
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