Mt Gox Moves $2,470,000,000 Worth of Bitcoin (BTC) to Crypto Exchanges: On-Chain Data
The bankrupt crypto exchange Mt Gox has been spotted moving billions of dollars worth of Bitcoin following the successful distribution of BTC to its creditors.
On Tuesday, Dave Ripley, CEO of Kraken, which was selected to facilitate the transfer of coins back to creditors, announced that a successful distribution of BTC and Bitcoin Cash (BCH) had been completed.
Shortly after, blockchain “de-anonymizing” platform Arkham spotted the movement of at least $2.47 billion worth of coins, much of which ended up in addresses linked to crypto exchange Bitstamp. Mt Gox still holds over $5.32 billion worth of BTC, according to Arkham.
“MT GOX UPDATE: $2.47B BTC MOVED
Mt. Gox moved a total of $2.47B BTC to new wallets this morning in order to distribute 5106 BTC ($335.8M) BTC to 4 separate Bitstamp addresses.
Mt. Gox still holds 80,128 BTC ($5.32B).
Bitstamp is one of the 5 exchanges that the Mt. Gox Trustee is working with to return funds to Mt. Gox creditors. So far, Mt. Gox has sent 10,216 BTC ($675.9M) to Bitstamp.”
At time of writing, Bitcoin is trading at $66,442, seemingly unphased by the latest Mt Gox movements.
Earlier this month, economist Alex Krüger predicted that the market would absorb Mt Gox coins with relatively minimal effect on the price of BTC.
“Let’s run some numbers. Gox has a total of 141,000 to be distributed, with 95,000 to be distributed within 90 days (going to those who elected to receive an early distribution in exchange for a 10% haircut).
Of those 95,000:
– 20,000 going to credit funds
– 10,000 going to a New Zealand exchange (entangled in its own bankruptcy process) => won’t hit the market
– 65,000 going to individual creditors
Let’s make some assumptions:
– assume 30% of 85,000 gets sold (=25,500 BTC)
– assume Gox creditors sell that 30% in one scoop, rather than spread through time
– assume the quantity/price relationship is linear (even though it is not)
– assume Germany sells its entire remaining stack in one scoop
Then we would have: (23.7+25.5) / 16 * 0.035 = 10.5%. That would trigger a 10.5% insta-dump. The market can absorb that.”
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The post Mt Gox Moves $2,470,000,000 Worth of Bitcoin (BTC) to Crypto Exchanges: On-Chain Data appeared first on The Daily Hodl.
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Author: Alex Richardson
