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<p>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.</p>
<p>Fear, uncertainty, and doubt (FUD) on social media is at ”historic highs,” Santiment <a href="https://x.com/santimentfeed/status/1809070048805597612" target="_blank" rel="noopener noreferrer nofollow">said</a>, as Bitcoin plunged to a four-month low. The global cryptocurrency market capitalization plummeted 9% to dip under $2 trillion.</p>
<h2 id="mt-gox-starts-distributing-bitcoin">Mt. Gox Starts Distributing Bitcoin</h2>
<p>The Mt. Gox rehabilitation trustee plans to distribute $9 billion of Bitcoin to creditors by October.&nbsp;On-chain data shows that the first batch of repayments is already underway after a transfer of 2,702 BTC, worth over $148 million, to the Bitbank exchange.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">25 minutes ago, <a href="https://twitter.com/hashtag/Mt_Gox?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Mt_Gox</a> transferred 2,702 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> (~$148.44M) to <a href="https://twitter.com/hashtag/Bitbank?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitbank</a>.</p>
 <p><a href="https://twitter.com/hashtag/Bitbank?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitbank</a> is one of the exchanges listed for supporting Mt Gox repayments.</p>
 <p>Address:<a href="https://t.co/3KqaREgFtq" rel="noopener noreferrer nofollow">https://t.co/3KqaREgFtq</a> <a href="https://t.co/lK3QcfI84f" rel="noopener noreferrer nofollow">pic.twitter.com/lK3QcfI84f</a></p>
 <p>— The Data Nerd (@OnchainDataNerd) <a href="https://twitter.com/OnchainDataNerd/status/1809086593367748758?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 5, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Some Mt. Gox creditors on Reddit have also <a href="https://www.reddit.com/r/mtgoxinsolvency/comments/1dvrsuf/my_exchange_has_been_credited_japan_based_creditor/" target="_blank" rel="noopener noreferrer nofollow">confirmed</a> that their exchange accounts have received funds.&nbsp;The fears of a massive selloff have not only affected Bitcoin but also altcoins.</p>
<p>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%.</p>
<p>The crypto crash saw over $600 million liquidated from the market in the past 24 hours, according to <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener noreferrer nofollow">Coinglass</a>. That’s the highest since the FTX collapse in November 2022.</p>
<h3 id="also-read">Also Read:</h3>
<ul>
 <li><a href="https://insidebitcoins.com/news/the-bitcoin-price-plunges-below-56k-amid-mt-gox-selloff-fears-and-massive-liquidations-but-traders-still-flock-to-the-99btc-ico" rel="noopener noreferrer nofollow">The Bitcoin Price Plunges Below $56K Amid Mt. Gox Selloff Fears And Massive Liquidations, But Traders Still Flock To The 99BTC ICO</a></li>
 <li><a href="https://insidebitcoins.com/news/solana-price-prediction-sol-plummets-9-amid-the-crypto-crash-but-this-ai-meme-coin-blasts-past-7-million" rel="noopener noreferrer nofollow">Solana Price Prediction: SOL Plummets 9% Amid The Crypto Crash, But This AI Meme Coin Blasts Past $7 Million</a></li>
 <li><a href="https://insidebitcoins.com/news/nft-gaming-is-back-heres-the-five-top-nft-games-to-check-out-in-h22024" rel="noopener noreferrer nofollow">NFT Gaming Is Back – Here’s The Five Top NFT Games To Check Out in H2,2024</a></li>
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Mt. Gox Moves $2.7 Billion Bitcoin As Selloff Fears Trigger Crypto Crash

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Inside Bitcoins

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