So it Begins – Mt. Gox Transferred Over $2.7 Billion in Bitcoin

After 10 years of waiting, investors in bankrupt crypto exchange Mt. Gox will soon start getting their money back.

According to Arkham Intelligence, Mt. Gox’s cold wallet transferred 47,228 Bitcoin tokens worth $2.708 billion to two addresses.

After a series of test transactions on Thursday, it looks like the distribution of the compensation is about to begin.

While many investors are happy to be able to receive their long-lost funds after a long wait, it’s not such good news for everyone.

The threat of a massive selloff has spooked investors, and it’s not just Mt. Gox that is emerging as a threat to fuel the downtrend.

The German government is also selling off huge amounts of BTC, which has presumably led to the sharp drop in the price of Bitcoin below $60,000.

At the time of writing, Bitcoin is trading for $56,900 after a 5.7% drop in the last 24 hours and a trading volume of $42.6 billion.