Mt. Gox wallets, dormant for a month, showed activity with test transactions, hinting at potential asset distributions and increased selling pressure.plunged under $58,000 in European morning hours, extending 24-hour losses to nearly 5% and dropping to prices not seen since early May.
The sell-off came as wallets belonging to defunct crypto exchange Mt. Gox showed signs of activity for the first time in a month and the German Federal Criminal Police Office moved over $75 million to crypto exchanges. “Among the top reasons for the price drop was the German government moving more than $50 million to crypto exchanges, creating sell speculation in the market,” Lucy Hu, a senior analyst at crypto investment firm Metalpha, said in a Telegram message.
Mt. Gox is scheduled to start distributing assets stolen from clients in a 2014 hack this month, although it is unclear when, after years of postponed deadlines. The repayments will be made in bitcoin and bitcoin cashshow Mt. Gox wallets conducted test transactions in during the Asian morning, moving a total of $25 worth of bitcoin across three transactions to different wallets.
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