Mt. Gox Moves $956M Worth of BTC As Prices Tank

Mt. Gox, the long-defunct cryptocurrency exchange, transferred approximately 10,608 BTC, valued at $950 million, to a new wallet address in a significant on-chain move. This transfer occurred recently amidst a decline in Bitcoin's price, which has hit seven-month lows near $90,000. Although it is uncertain if this transfer is linked to repayments for creditors who lost funds during the exchange's collapse in 2014, such large movements have historically indicated potential repayments. Currently, the exchange still holds about 34,689 BTC, worth nearly $3.1 billion. This activity has stirred speculations in the market regarding potential sell-offs following creditor repayments due to the timing of the transfer against the backdrop of declining Bitcoin prices.

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