Bitcoin surged to the $67,409 mark early on Tuesday following reports that former cryptocurrency exchange Mt. Gox had reorganized nearly $10 billion worth of BTC.
Once the world’s largest Bitcoin exchange, Mt. Gox infamously went bankrupt and lost a significant portion of its coins due to theft. However, the exchange managed to recover most of the coins and has since been engaged in a lengthy bankruptcy process to repay its former customers. This has created uncertainty in the market, as the potential sale of BTC to redeem creditors could result in significant sell pressure.
According to blockchain analysis platform Arkham, Mt. Gox has transferred approximately $9.66 billion worth of BTC to three newly created wallets in four separate batches per address.
Initially, there were concerns that the exchange was planning to liquidate its coins. However, former Mt. Gox CEO Mark Karpelès clarified on the social media platform X that the coin movements were simply preparations for a distribution that is likely to occur later this year. He stated, “As far as I know, everything is fine with Mt. Gox. The trustee is moving coins to a different wallet in preparation for the distribution that will likely happen this year. There is no imminent sale of bitcoins taking place.”
At the time of writing, BTC is being traded at $67,740.
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