Mt. Gox Moves $2.7 Billion Bitcoin As Selloff Fears Trigger Crypto Crash

The
defunct
crypto
exchange
Mt.
Gox
moved
47,228
Bitcoin
worth
about
$2.7
billion
from
cold
storage
to
a
new
wallet
address
as
fears
over
a
mass
selloff
helped
trigger
a
crypto
crash.

Fear,
uncertainty,
and
doubt
(FUD)
on
social
media
is
at
”historic
highs,”
Santiment

said,
as
Bitcoin
plunged
to
a
four-month
low.
The
global
cryptocurrency
market
capitalization
plummeted
9%
to
dip
under
$2
trillion.

Mt.
Gox
Starts
Distributing
Bitcoin

The
Mt.
Gox
rehabilitation
trustee
plans
to
distribute
$9
billion
of
Bitcoin
to
creditors
by
October. On-chain
data
shows
that
the
first
batch
of
repayments
is
already
underway
after
a
transfer
of
2,702
BTC,
worth
over
$148
million,
to
the
Bitbank
exchange.

25
minutes
ago,

#Mt_Gox
transferred
2,702

$BTC
(~$148.44M)
to

#Bitbank.

#Bitbank
is
one
of
the
exchanges
listed
for
supporting
Mt
Gox
repayments.

Address:https://t.co/3KqaREgFtq

pic.twitter.com/lK3QcfI84f

—
The
Data
Nerd
(@OnchainDataNerd)

July
5,
2024

Some
Mt.
Gox
creditors
on
Reddit
have
also

confirmed
that
their
exchange
accounts
have
received
funds. The
fears
of
a
massive
selloff
have
not
only
affected
Bitcoin
but
also
altcoins.

Ethereum
slumped
9%
to
around
$2,800,
while
BNB
and
Solana
fell
11%
and
6%,
respectively.
Dogecoin
is
among
the
worst-hit
major
tokens,
with
the
price
nosediving
more
than
14%.

The
crypto
crash
saw
over
$600
million
liquidated
from
the
market
in
the
past
24
hours,
according
to

Coinglass.
That’s
the
highest
since
the
FTX
collapse
in
November
2022.

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