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The return of over $6 billion in Bitcoin to former Mt. Gox investors has created significant selling pressure, impacting crypto prices. Meanwhile, former CEO Mark Karpeles is preparing to launch a new exchange, EllipX, emphasizing advanced security. These developments have stirred concern in the market, with investors feeling a mix of anxiety and anticipation.
Massive Mt. Gox Bitcoin Transfer Triggers Market Reactions
According to crypto analytics firm Spot On Chain, closed Mt. Gox exchange wallets moved a total of $2 billion in Bitcoin to three new addresses on Tuesday. Following this major transfer, Bitcoin’s price dropped to $66,853, as reported by CoinGecko. This substantial shift reflects the selling pressure from returning assets, a trend that began with the July restitution process, which involved payouts in Bitcoin and Bitcoin Cash to affected investors.
The market response shows how returning assets from Mt. Gox has led to a broader sell-off. Many investors, reclaiming assets nearly a decade later, opted to sell, which added to the overall market supply.
Mt. Gox Returns Over $6 Billion in Bitcoin
It’s reported that around $6 billion in Bitcoin assets were returned in July and August, with approximately 30% of the original holdings remaining by early September. Following recent transfers, the exchange’s known wallets still hold Bitcoin worth $810 million. This suggests the payout process is nearing completion, raising concerns that Mt. Gox may create additional selling pressure in the near future.
Last month, a managing trustee announced an extension of the repayment deadline to October 31, 2025, citing procedural delays by certain creditors and challenges in processing the returns.
Mark Karpeles Plans New Exchange Amid Market Tensions
Meanwhile, Mark Karpeles, former Mt. Gox CEO, is preparing to launch a new exchange, EllipX. Karpeles argues that modern security tools, particularly hierarchical deterministic (HD) wallets, can significantly enhance protection against hacks. His controversial entry back into the crypto space is likely to attract both positive and negative attention.
For more updates on this developing story, stay tuned to Turkish NY Radio.
