2024

Bitcoin

Million

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The infamous cryptocurrency exchange&nbsp;<a href="https://u.today/bitcoin-plunges-as-mt-gox-starts-distributing-funds-to-creditors" rel="noopener noreferrer nofollow">Mt. Gox</a> has once again hit the headlines , as significant transfers from its cold wallet have begun. In just the past few hours, over 107,000 BTC worth over $7.2 billion has been transferred in several tranches to an unknown address.&nbsp;
While massive withdrawals have been made, the Mt. Gox wallet still holds more than 30,000 BTC, which is worth about $2 billion at current exchange rates. This activity comes ahead of the promised distribution of funds to creditors by Oct. 31, 2024.
The sudden transfer of such a huge amount of&nbsp;<a href="https://u.today/82-million-bitcoin-mystery-stuns-worlds-largest-exchange" rel="noopener noreferrer nofollow">Bitcoin</a> has caused concerns among market participants. Fears of a possible sell-off caused the&nbsp;<a href="https://u.today/crucial-usd-bitcoin-statement-issued-by-gabor-gurbacs" rel="noopener noreferrer nofollow">BTC price</a> to fall by more than 4%, with the total market capitalization dropping by nearly $100 billion in less than 12 hours.
Adding to the market's anxiety was a&nbsp; withdrawal of funds from&nbsp;<a href="https://twitter.com/whale_alert/status/1795348320124076236?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1795348320124076236%7Ctwgr%5Edf80ea7ebc7f0a381a43beb054512b114c7d0b09%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fpublish.twitter.com%2F%3Furl%3Dhttps%3A%2F%2Ftwitter.com%2Fwhale_alert%2Fstatus%2F1795348320124076236" rel="noopener noreferrer nofollow">Binance</a>, the world's largest cryptocurrency exchange. A total of $289 million worth of USDT was transferred to an unidentified address.&nbsp;
<blockquote>
 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 289,087,080 <a href="https://twitter.com/hashtag/USDT?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#USDT</a> (289,032,297 USD) transferred from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> to unknown wallet<a href="https://t.co/6n0gRHX6jL" rel="noopener noreferrer nofollow">https://t.co/6n0gRHX6jL</a>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1795348320124076236?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 28, 2024</a>
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Normally, massive withdrawals from exchanges are seen as bullish, signaling that large investors are moving assets to private wallets for long-term storage.
This transfer, however, indicates that a significant amount of cryptocurrency was sold out on Binance, likely in response to the expected potential dumping of Mt. Gox's Bitcoin.
In response to the uproar, Mark Karpeles, former CEO of Mt. Gox, clarified that moving cryptocurrency from the exchange's wallet was part of the preparations for a planned distribution of funds to creditors and did not signal a sale.&nbsp; <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="69466ee5-b906-4f04-9e84-96c5095ee048" src="https://u.today/sites/default/files/inline-images/btc_568.png">BTC to USD by <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">CoinMarketCap</a>
This assurance brought some relief, with&nbsp;<a href="https://u.today/michael-saylors-bitcoin-message-resonates-amid-btc-price-uncertainty" rel="noopener noreferrer nofollow">BTC</a> recovering a third of today's losses. Nevertheless, market sentiment remains cautious, with most digital assets still in the red.

Mysterious $289 Million USDT Transfer Exits Binance Amid Mt. Gox Drama

U_Today

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