A wallet associated with the now-closed Mt. Gox crypto exchange transfers $3.2 billion worth of Bitcoin.
Early Tuesday, the wallet moved 42,587 BTC, valued at $2.8 billion, to an unknown address. Additionally, nearly $150 million in Bitcoin was sent to Bitstamp’s wallet, according to Arkham Intelligence.
Mt. Gox’s recent wallet activities – Source:Arkham Intelligence
These transactions may be part of the ongoing process to repay $9 billion in Bitcoin to creditors. This repayment process was confirmed earlier this month.
Mt. Gox's recent activities followed several smaller Bitcoin transfers made the previous day. These smaller transactions, including one linked to Bitstamp, are believed to be test runs before the larger distributions.
Bitstamp is one of the designated exchanges for handling Mt. Gox’s repayments. Other exchanges, like Kraken, have also received portions. Bitbank and SBI VC Trade are reportedly distributing the funds to creditors shortly after receiving them.
Currently, Mt. Gox holds over $6 billion in Bitcoin. The recent transfer caused Bitcoin's price to drop sharply, falling below $66,500 after reaching a high of $68,200 earlier in the day, according to CoinGecko data.
Bitcoin price changes on the 23rd Source: coinmarket
China has introduced stricter regulations requiring banks to monitor and report suspicious cryptocurrency transactions. These measures are part of an ongoing effort to control digital asset trading and prevent illegal activities like cross-border gambling.
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XingChiLuxury brands and businesses like Printemps, S.T. Dupont, and Virgin Voyages are now accepting Bitcoin as payment, driven by its record value of over $108,000. This shift highlights growing interest in cryptocurrency for high-end purchases despite challenges like consumer education and regulatory barriers.
WeatherlyMicrosoft shareholders overwhelmingly rejected a proposal to add Bitcoin to the company's balance sheet, with only 0.55% in support. The board expressed concerns about Bitcoin's volatility, despite acknowledging its potential as an inflation hedge.
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