Cryptocurrency Q&A
What happened to bitcoin in Mt Gox?
What happened to bitcoin in Mt Gox?
Alessandra
Tue Jul 09 2024
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5 answers
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Could you elaborate on the notable incident involving Bitcoin and the Mt. Gox exchange? Specifically, I'm curious to know the sequence of events that led to the exchange's collapse, as well as the implications it had on the Bitcoin community and market. Did the exchange suffer from security breaches? Were there any irregularities in its operations? How did investors react to the news? Did this incident significantly impact the price of Bitcoin? I'm interested in understanding the full scope and consequences of this high-profile case in the cryptocurrency world.
5 answers
CryptoBaroness
Wed Jul 10 2024
In a significant move, over 140,000 BTC, equivalent to approximately $9 billion, were recently transferred from Mt. Gox wallets to an undisclosed address.
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Carlo
Wed Jul 10 2024
Prior to the drop, Bitcoin had reached a high of over $70,000 on Monday, but following the large-scale transfers, it dipped to as low as $67,680.
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HallyuHeroLegendaryStarShine
Wed Jul 10 2024
These transactions, totaling thirteen in number, sparked speculation about the possible motivation behind the large-scale movement of Bitcoin.
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AndrewMiller
Wed Jul 10 2024
Some analysts suggest that this could be a part of a larger plan to repay creditors by the set deadline of October 31, 2024.
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Sofia
Wed Jul 10 2024
However, the market's response to these transactions was negative, as Bitcoin's price dropped by 1.4% following the transfers.
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