From Investing.com: 2024-05-28 14:00:25

Mt. Gox, the notorious cryptocurrency exchange, has made significant transfers from its cold wallet, moving over 107,000 BTC worth $7.2 billion. Despite withdrawals, they still hold 30,000 BTC, valued at $2 billion. Market fears of a potential sell-off caused BTC price to drop by 4%, with a $100 billion market cap decrease.

Driven by a move from Mt. Gox, Binance also saw a $289 million USDT transfer to an unknown address. Large withdrawals are usually bullish, but current activity suggests a significant cryptocurrency sell-off. Former CEO Mark Karpeles clarified the action was for creditor fund distribution, not a sale.

Markets reacted with caution and anxiety to the sudden transfers, but Karpeles’ reassurance led to a partial BTC recovery. Despite the bounce back, digital assets are still predominantly in the red, with uncertainty lingering in the market.

Read more at Investing.com: Mysterious $289 Million USDT Transfer Exits Binance Amid Mt. Gox Drama By U.Today