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Mt. Gox Transfers Bitcoin and Impacts the Market

The collapse of the Mt. Gox cryptocurrency exchange in 2014 recently caused fear in the market by transferring a significant amount of Bitcoin (BTC). On May 28, the transfer of 107,547 BTC worth approximately $7.3 billion to an anonymous wallet address led to a 2% drop in Bitcoin’s price. This movement was part of Mt. Gox’s plan to return Bitcoin assets to creditors before October. Mt. Gox owes over $9.4 billion in BTC to some of its 127,000 creditors, who have been waiting for over a decade to recover their funds. The final repayment date is set for October 31, 2024, and the trustee began contacting creditors in January to verify their identities.

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