Analytics Firm Glassnode Tackles Rumors That Mt. Gox and US Government’s Bitcoin Is on the Move
Sponsored
Sponsored
Crypto analytics firm Glassnode says the defunct crypto exchange Mt. Gox is not moving Bitcoin (BTC) at this time. Mt. Gox used to handle over 70% of Bitcoin’s trading volume, but it went bankrupt in 2014 after the platform was hacked. Last July, the exchange announced its plans to disburse repayments to former customers in accordance with its bankruptcy rehabilitation plan. Rumors that those disbursements have already begun are false, Glassnode explains in a new analysis. “If we look at the rumors about Mt Gox coins being on the move, we can see that their balance has remained stable at 137,890
Mt. Gox has refunded about 41.5% of the bitcoin it owed to creditors who lost their funds. However, selling activity in the market remains minimal. That has taken the entire community by surprise. With the repayments occurring over a year after the defunct exchange shut its doors for good, creditors…
The Mt. Gox rehabilitation trustee asked creditors to choose between bitcoin, cash or Bitcoin Cash to receive repayment, risking pressuring the market further. Creditors could offload a total of nearly 142,000 bitcoin into an already stressed market. The rehabilitation trustee will restrict creditors in moving funds for a period. Over…