Massive Bitcoin Transfer by Mt. Gox for Creditor Payouts
Mt. Gox, the fallen Bitcoin giant, just transferred $2.7 billion worth of Bitcoin to a new wallet as it gears up to pay back creditors.
On July 5, Mt. Gox moved 47,229 Bitcoins, worth $2.71 billion, to a new address. This is the first major move since May.
Starting this month, Mt. Gox plans to repay $8.5 billion in Bitcoin. Some experts believe the actual amount sold may be closer to $4.5 billion.
There are worries that these repayments could affect the Bitcoin market. However, many think not all recipients will sell their Bitcoin immediately.
Bitcoin's price has dropped by 6.9% since July 4 but remains up 35.6% for the year. The crypto world is closely watching Mt. Gox's next steps.
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