Bitcoin Corrects As $9,666,000,000 Worth of Mt. Gox Coins Suddenly Start Moving

Bitcoin touched the $67,409 level early Tuesday on news that former crypto exchange Mt. Gox rearranged nearly $10 billion in BTC.

Mt. Gox was at one point the world’s largest Bitcoin exchange before abruptly going bankrupt and “losing” most of its coins due to theft.

The exchange ultimately recovered most of its coins and has been in a lengthy bankruptcy process paying back its former customers, a large source of uncertainty in the market given the amount of potential sell pressure it could release if it were to sell its BTC in order to redeem creditors.

According to blockchain “de-anonymizing” platform Arkham, Mt. Gox has moved roughly $9.66 billion worth of BTC to three newly created wallets in four batches per address.

While there was initial worry that the exchange was considering liquidating its coins, former Mt. Gox CEO Mark Karpelès clarified on the social media platform X that the coin movements were only preparations for a distribution likely to happen later this year.

“As far as I know everything is fine with Mt. Gox. 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.”

At time of writing, BTC is trading for $67,740.

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