Mt. Gox transfers $9.6 billion worth of Bitcoin to three addresses, trustee reassures: "Don't worry! They haven't been sold!"

The now defunct Bitcoin exchange Mt. Gox has moved over 140,000 bitcoins, worth about $9 billion, to a single address, which were then dispersed to three different addresses. This development is part of the exchange's long-term plan to repay creditors.

Large Bitcoin Transfer Sparks Market Concerns

Starting from early Tuesday in the Asian session, nearly 107,000 bitcoins were transferred, causing a 1.2% drop in the bitcoin price due to anticipated selling pressure. Thirteen transactions were executed by wallets associated with Mt. Gox, transferring this significant amount of funds.

According to Arkham statistics, Mt. Gox later moved them to three addresses, each holding 47,230 bitcoins, totaling around $9.6 billion.

Custodian's Assurance on Bitcoin Management

Custodian Nobuaki Kobayashi clarified in a press release that no selling of bitcoins or Bitcoin Cash (BCH) has taken place. He assured that the group is managing bitcoins and Bitcoin Cash "in a secure manner."

Bitcoin Market Still Rattled

Despite these assurances, the market reacted bearishly to the transfer news. The bitcoin price dropped by 1.4% since the start of the Asian trading session, falling from a high above $70,000 on Monday to a low of $67,680. Market participants are concerned about the potential selling pressure that such a massive transfer could bring.

The transfer of $9 billion worth of bitcoins from Mt. Gox is a key development in the ongoing saga of the exchange's collapse and its impact on the cryptocurrency market. While this move is part of a structured reimbursement plan, the market response highlights the continued concerns about the potential impact of releasing these assets into the market.