Bitcoin surged to a record-breaking $67,409 on Tuesday following news that defunct cryptocurrency exchange Mt. Gox had transferred nearly $10 billion worth of BTC.

Once the world’s largest Bitcoin exchange, Mt. Gox infamously declared bankruptcy and lost a significant portion of its coins due to theft. However, the exchange managed to recover most of its coins and has since been working through a lengthy bankruptcy process to repay its former customers. This process has been a source of uncertainty in the market, as the potential sale of BTC by Mt. Gox to redeem its creditors could create significant selling pressure.

Blockchain analysis platform Arkham revealed that Mt. Gox moved approximately $9.66 billion worth of BTC to three newly created wallets in four separate batches. Initially, there were concerns that the exchange was planning to liquidate its coins. However, former Mt. Gox CEO Mark Karpelès clarified on the social media platform X that the coin movements were merely preparatory steps for a distribution that is likely to take place later this year.

Karpelès stated, “As far as I know, everything is fine with Mt. Gox. The trustee is moving coins to a different wallet in preparation for the distribution that will likely occur this year. There is no immediate plan to sell bitcoins.”

At the time of writing, BTC is trading at $67,740.

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Disclaimer: The opinions expressed in this article are not investment advice. Investors should conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please note that all transfers and trades are made at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor does it provide investment advice. Please be aware that The Daily Hodl participates in affiliate marketing.

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