Massive $289 million USDT transfer from Binance, sparked by fears of impending Mt. Gox Bitcoin dump, turns head of crypto enthusiasts
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. 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.
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.
He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.
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