Bitcoin Price Plummets as Mt. Gox Transfers Over 140,000 BTC

Bitcoin Price Plummets as Mt. Gox Transfers Over 140,000 BTC

Valentina Rossi
1 min read

Bitcoin Price Plummets as Mt. Gox Transfers Significant Amount of BTC

On Tuesday, May 28, the price of Bitcoin experienced a sharp decline to $68,000 following the transfer of over 140,000 BTC, equivalent to approximately $9.365 billion, to an unidentifiable wallet by Mt. Gox. This move has raised concerns and sparked speculations within the cryptocurrency community.

Key Takeaways

  • Mt. Gox has revealed plans to redistribute the BTC holdings to creditors before October 31, 2024.
  • The transferred BTC has now been consolidated into a single wallet address for the first time in 5 years.
  • Mt. Gox, previously a prominent player in the cryptocurrency exchange realm, suffered a massive loss of 800,000 BTC during a hack in 2014.
  • Creditors expecting the repayment of BTC may resort to selling, potentially amplifying bearish pressure in the market.


The abrupt transfer of 140,000 BTC from Mt. Gox has stirred a significant upheaval in the cryptocurrency market, with the sudden movement of such a substantial amount overshadowing the stability of Bitcoin prices.

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