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- Mt. Gox moved 32,371 Bitcoin to two wallets, amounting to $2.19 billion
- The movement follows the transfer of 500 Bitcoin worth more than $35 million
- In October, Mt. Gox announced it was pushing its repayment deadline to October 31, 2025
Defunct crypto exchange Mt. Gox has moved another $2.19 billion to two unmarked wallets, according to data from blockchain analytics firm Arkham Intelligence.
Of the $2.19 billion, 30,371 Bitcoin was transferred to wallet 1FG2C…Rveoy. The extra 2,000 Bitcoin was sent to a cold wallet before being transferred to wallet 15gNRV…Aok. According to data from Arkham, the movement of Bitcoin comes five days after the exchange moved 500 Bitcoin worth over $35 million.
It’s one of the largest movements the exchange has made this year. In May, it was reported that Mt. Gox had transferred over $9 billion worth of Bitcoin to a new wallet. In July, the platform moved a further $2.8 billion. In both of these instances, it was thought Mt Gox’s trustee was preparing for repayment to creditors.
It may be that this further movement of Bitcoin is related to repaying creditors, something they have been waiting for since a hack caused the exchange to collapse in 2014. In October, Mt. Gox pushed its repayment deadline to October 31, 2025, adding another year from its original date.
Last month, Mt. Gox said the extended deadline was down to two things: creditors not completing the repayment steps and issues arising from the repayment process.
If there is one thing that Peter Schiff does effortlessly, it is to criticize whatever discussion with Bitcoin in it. He appears to have a rather pre-informed notion about the flagship cryptocurrency that stops him from seeing the coin from the perspective of others. Now, Republican Party Candidate Donald Trump has just entered into his crosshairs.
US Politician’s Seek Solution to National Debt
The United States is currently faced with a massive national debt that could threaten its economy in the long run.
Presently, the US National Debt is around $35 trillion and still growing. Its size has forced lawmakers, politicians, and concerned citizens to seek out solutions. A significant percentage of Bitcoin Marxists strongly believe that buying Bitcoin and selling it after a few years could write off the debt.
Those who have suggested this strategy includes Donald Trump and Senator Cynthia Lummis from Wyoming. Donald Trump attended an interview with FOX Business recently and while speaking, he touched on the possibility of using Bitcoin and crypto cheques to offset the US national debt. To this end, Sen. Lummis also published a strategic Bitcoin reserve Bill that has forced 2,200 supporters to send advocacy letters to US senators.
Schiff believes that by making such proposal, Trump is only trying to appeal to the emotions of Bitcoin voters. Precisely, he described it as a tactic to get donations and votes from the BTC community.
That’s just to get donations and votes from the Bitcoin community. It’s pure BS.
— Peter Schiff (@PeterSchiff) August 4, 2024
While he is blunt with how he feels about the plan, his outburst is likely not a personal attack on Trump.
Peter Schiff on Contradictory Bitcoin Proposal For US National Debt
It is worth noting that when this suggestion began making the rounds last week, Schiff criticized it. Bitcoin enthusiasts are convinced that in 20 years, the coin would have risen in worth, going as high as millions of dollars. Therefore, if the US government buys a significant holding now and sells it in 20 years, the probability of repaying its debt is high, per the coin proponents’ opinion.
Furthermore, they believe employing this method will mitigate the occurrence of inflation. Schiff flawed the logic, citing that it is contradictory.
He highlighted the contradictory nature of believing that BTC price could reach such high valuations due to inflation and suggesting that the government could use the coin to address the debt issue without further inflating the currency.
Read More: Shiba Inu Price Analysis: 150T SHIB Support at Risk Amid Market Sell-off
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
As per the on-chain data, the defunct crypto exchange Mt. Gox has moved a total of 45,511 Bitcoins in the past two hours in what seems to be the preparation for further creditor distribution. After yesterday’s drop to $66,000 levels, the Bitcoin price hasn’t shown much movement for now, with a minor dip of 0.5% at press time.
Mt. Gox Transfers $3.15 Billion in BTC to New Wallets
As per data from Spot on Chain, crypto exchange Mt. Gox has moved 45,511 Bitcoin to three different wallets worth a staggering $3.15 billion. As per the previous activities, it is very likely that Mt. Gox will move these BTC to centralized exchanges in order to repay the creditors.
Since July 5, the crypto exchange has transferred a total of 61,559 BTC worth $3.88 billion for creditor repayment to exchanges such as Kraken, Bitstamp, and SBIVC. Interestingly, there have been reports that crypto exchange Kraken has denied BTC payout to some of the Mt. Gox creditors despite the identity verification.
Mt. Gox moved 45,511 $BTC ($3.15B) to 3 new wallets in the past 2 hours!
Based on past activities, Mt. Gox may soon move parts of these $BTC to CEX to repay creditors.
Since July 5, 2024, Mt. Gox has transferred a total of 61,559 $BTC ($3.88B) to #Bitstamp, #SBIVC and… https://t.co/x3XrPCA2Xr pic.twitter.com/FkzPl2LP7M
— Spot On Chain (@spotonchain) July 31, 2024
Throughout the creditor repayments this month, the Bitcoin price has shown strong volatility. However, it faced strong rejection at $70,000 and has slipped back to $66,000 on late Monday.
Also Read: Donald Trump Raises $25M From Bitcoin Conference 2024
BTC Remains Stable Before FOMC Meeting
All eyes of investors are currently on the FOMC meeting scheduled on Wednesday, July 31. After the early-week sell-off, the Bitcoin price showed some stability at around $66,000 as investors waited for the Fed’s commentary on inflation and economic growth.
Macro indicators would play a key role in determining the Bitcoin price action moving ahead. The baseline scenario is currently a slow decline in inflation and growth, with the chances of recession not so high, as per data from BloFin.
They also noted that there’s a negative gamma in the $65,000 to $70,000 price range. This gamma will primarily drive the options expiring on August 2, which has dominated the BTC options market. Furthermore, with the weekly expiry approaching, BloFin expects the volatility to intensify further. On the other hand, Bitcoin whales have been on strong accumulation amid the current price drop.
3. The GEX data reveals a substantial negative gamma between $65k and $70k, exacerbating price volatility. This negative gamma is primarily contributed by options expiring on Aug 2, which dominate the BTC options market. As the expiration date approaches, market price… pic.twitter.com/Bnlepe1Jbu
— BloFin Academy (@BloFin_Academy) July 30, 2024
Also Read: Coinbase Deal Likely Behind US Govt’s $2B BTC Transfer
Bhushan Akolkar
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Embattled crypto lender Celsius Network is aggressively paying down its DeFi debts as user withdrawals remain suspended.
Since July 1, Celsius has repaid Aave 146M USDC and more than 53M DAI, while withdrawing almost 6,000 wrapped Bitcoin (wBTC), nearly 55,000 ETH and millions of dollars worth of other tokens posted as collateral, according to on-chain data. Celsius has also repaid about 120M DAI to Compound and withdrawn 4,400 wBTC it had posted as collateral.
Last week, Celsius completely settled its debt to MakerDAO, having paid down $190M in DAI since July 2.
The news comes roughly a month after Celsius appeared to be at significant risk of insolvency.
On June 13, Celsius suddenly suspended customer withdrawals citing extreme market conditions. In a report released last week, Arkham Intelligence released a report detailing Celsius’ on-chain activity alleging Celsius was forced to freeze withdrawals in order to pay down its debts.
$750M Deployed
“At the start of the market downturn, around June 10th, Celsius appears to have had $604 million of collateral against $303 million in debt on AAVE with a health factor of 1.6. On Compound, Celsius appears to have had $421 million of collateral against a $218 million debt,” Arkham wrote. “After the early June crypto market crash put them at risk of liquidation, Celsius appears to have deployed roughly $750 million worth of liquid capital to these positions, potentially playing a key role in forcing them to freeze withdrawals on June 13th.”
Aave liquidates collateral in any collateralized debt position with a health factor that falls below one.
As of Monday afternoon, Celsius owes Compound another 50 million DAI, according to on-chain data, with a health factor of 2.88. It owes Aave 72 million USDC with a health factor of 5.3.
DeFi Transparency
As they had after Celsius paid off its MakerDAO debt, observers took the company’s attempts to pay back Aave and Compound as proof that DeFi was less vulnerable to financial shenanigans than traditional finance.
“Celsius paying off loans from DeFi protocols first,” tweeted prominent DeFi investor SantiagoRoel. “Smart contracts with programmed risk parameters can’t be fooled like centralized lenders.”
Mario Nawfal, the founder of crypto consulting firm IBC Group, agreed.
“When Luna blew up, everyone watched it live on-chain and we all knew the numbers,” he tweeted. “When Celsius, Voyager & 3AC blew up, no one knew anything. DeFi works!”
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