Mt.Gox Starts Payments, Germany Resumes Bitcoin Sales: What’s Happening?

Mt.Gox Ödemelere Başladı, Almanya Bitcoin Satışını Sürdürüyor: Neler Oluyor?
Mt.Gox Ödemelere Başladı, Almanya Bitcoin Satışını Sürdürüyor: Neler Oluyor?

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Defunct crypto exchange Mt.Gox announced in a statement that it has begun repaying creditors in Bitcoin and Bitcoin Cash. Mt.Gox transferred billions of dollars worth of BTC in various transactions earlier today. Amid these developments, the German government continues to move BTC to exchanges.

Mt.Gox has officially started Bitcoin and Bitcoin Cash payments!

Mt.Gox began repaying some creditors in Bitcoin (BTC) and Bitcoin Cash (BCH) on Friday, the rehabilitation trustee announced. In an announcement today, the trustee said that the repayments are being made through some of the designated crypto exchanges based on the rehabilitation plan. It noted that repayments to eligible creditors will be made immediately if they meet certain conditions, including confirmation of the validity of registered accounts, acceptance of the intention to subscribe to a settlement by the designated crypto exchanges, and completion of negotiations with the trustee. However, the Mt. Gox trustee said, “We ask eligible rehabilitation creditors to wait a while.”

The repayment announcement comes after Mt.Gox moved 47,228.7 BTC (about $2.71 billion) to a wallet earlier today and then transferred assets in multiple transactions, including sending 1,545 BTC ($85 million) to a hot wallet at crypto exchange Bitbank, according to Arkham’s data.

Mt.Gox Kabusu Bitmiyor: Bitcoin için Bu Seviyeler Konuşuluyor!

Inside the German government’s latest Bitcoin transfer

Meanwhile, the German government recently transferred 500 Bitcoin (BTC) amid a sharp market drop that saw the BTC price plummet as low as $54,000. As you have been following from, this move sparked fears of an accelerated market crash. Moreover, the crypto exchange Mt. Gox collapsed crypto exchange started repaying its creditors in Bitcoin and Bitcoin Cash (BCH), further exacerbating the market FUD.

According to Arkham Intelligence, the transfer was made to a wallet address called 139Po…, which is known for processing Bitcoin transactions for the German government. Moreover, this wallet often receives BTC from the government and transfers it to other wallets. This can lead to significant sales on crypto exchanges. Currently, the German government wallet holds 41,774 thousand BTC worth $2.26 billion. Earlier, on July 4th, the German government sold 1,300 BTC to popular crypto exchanges. Data from Arkham showed that this sale totaled about $76 million. The BTC price dropped below $58,000 shortly after this massive liquidation, and this trend has continued.

Almanya ve ABD, Bitcoin Satmaya Devam Ediyor: Fiyatı Onlar mı Düşürdü?

German MP asks government to stop BTC sale!

Cotar informed CDU vice-chairman Michael Kretschmer, Federal Finance Minister Christian Lindner and Chancellor Olaf Scholz that it would be “counterproductive”. He invited them to a conference with Bitcoin evangelist Samson Mow on October 17. In his letter, the MP argues that the largest cryptocurrency offers a “unique opportunity” for asset diversification. He says it has the ability to mitigate the risks associated with overexposure to traditional asset classes. According to Cotar, BTC can also act as a hedge against inflation and currency devaluation due to its scarcity.

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Mt.Gox Starts Payments, Germany Resumes Bitcoin Sales: What’s Happening?