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.