Mount Gox has become a household name in the crypto world today as Mount Gox has been in the news recently especially by returning BTC to their genuine customers. A decade later, when the price of Bitcoin suddenly started to rise, Mount Gox started paying off its customers with Bitcoin and transferring huge amounts of Bitcoin to unknown addresses. As a result, its impact on the market is being noticed quite well and the price of Bitcoin is suddenly crashing. Mount Gox is a defunct exchange site owned by Japan and closed about a decade ago. It again continued to repay its debt past two days ago. This time the exchange offloaded Bitstamp and 5,106 bitcoins worth about $335 million to an unknown address as part of its debt settlement.
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[source](https://pixabay.com/illustrations/bitcoin-circuit-board-cryptocurrency-8629504/)
Although before that they have transferred huge amount of bitcoins and we have seen many crashes in the market due to this in past times. It came again recently and made two transfers of 5,106 bitcoins, one of which sent around 2,237 BTC to Bitstamp. And along with that they also sent about 2,869 BTC to an unknown address. Especially in the market suddenly such news is enough to cause a market crash and we have seen the price of Bitcoin drop suddenly because of this. Earlier they also announced to pay their real customers through bitcoins and transferred huge amount of bitcoins to unknown addresses causing the market to suddenly crash. This crypto exchange did exactly the same thing two days ago.
However, large amounts of bitcoins are sent to unknown addresses, but are transferred through several steps, followed by a final step to Bitstamp-linked addresses. Basically this transfer happened as an easy method of repayment to certain creditors. In BTC Holdings Mt. Gox's changes are consistent with debt repayment announcements made by the defunct exchange on July 5. This crypto exchange announced that they will repay the loans they had to their real customers and as part of the loan they will repay the loan in Bitcoin and Bitcoin Cash (BCH). Bitstamp is Mt. Gox is one of five exchanges working with it. This has helped in speeding up the loan repayment process as well as in returning the funds to the genuine customers as well as the lenders.
Mount Gox is a cryptocurrency exchange. It was founded in 2010 as a Japanese cryptocurrency exchange. It emerged as the world's leading Bitcoin trading platform within a very short period of time since its inception. It gained so much popularity that this cryptocurrency exchange accounted for more than 70% of all BTC transactions in three years. In February 2014, Mount Gox experienced a momentous and devastating event. The company announced that hackers stole more than 850.000 BTC, of which 750.000 belonged to its customers. At the time, these stolen bitcoins were worth around 450 million USD. Today, this amount would equate to a significantly larger sum, reaching several billion dollars. While some bitcoins could be recovered then most bitcoins could not be recovered. Later it went bankrupt with a huge amount of bitcoins and a decade later Mt Gox announced that they will pay their real customers who claim bitcoins with bitcoins and bitcoin cash and this exchange authority is currently running this process which is why we are in the market. We can see the effect.
