Chemical Clues: Real-time Forensic Analysis of Drugs and Explosives – AZoM

From PittconReviewed by Danielle Ellis, B.Sc.Jul 1 2024

In this interview conducted at Pittcon 2024 in San Diego, we spoke to Professor Arian van Asten about advancements in the chemical analysis of drugs and explosives using portable NIR spectroscopy and its significant impact on improving on-scene investigation methods for law enforcement agencies.

My name is Arian van Asten. I am a professor of forensic analytical chemistry at the Van 't Hoff Institute of Molecular Sciences of the University of Amsterdam. Before that, I worked for a long time at the Netherlands Forensic Institute.

I have a PhD in analytical chemistry and a passion for forensic science. I am involved in many different projects focusing on a wide array of evidence materials and analysis methods, but my special interest is in the analysis of drugs and explosives. What makes them special is that these chemicals are directly related to certain types of crimes.

Starting with illicit drugs, the US is in the midst of the opioid crisis. This translates to forensic experts seeing an increasing number of cases. The caseload is very high, and the chemical complexity of the samples requiring analysis has also increased. It is more difficult to analyze them correctly.

With respect to explosives, this is a challenging area because of the chemical diversity that is encountered. You have organic and inorganic materials, so typically, one single analytical technique does not suffice in a given case.

In addition, there are cases in which intact explosives are present, which we call pre-explosion cases, and cases after an explosion. These two settings yield completely different samples to analyze.

Image Credit:PowerUp/Shutterstock.com

The work that I presented at the Pittcon Conference allows people to conduct chemical analysis in the field using portable technologies that do not require high-end laboratory conditions.

This is focused explicitly on rapid chemical identification of drugs and explosives with operators who do not need a chemistry background. I try to advance forensic analytical chemistryin this way.

As a forensic or analytical chemistry expert, I think the challenge is to create a methodology that allows non-experts to do complex chemical analyses themselves in a simple and error-free manner. If measurements fail because controlling the instrument is too complicated, then we have to make it simpler! This would ultimately allow law enforcement professionals to identify drugs and explosives robustly and instantly.

There are several options or routes that you can consider, such as mobile mass spectrometry, electrochemistry, and colorimetric reactions. Then, there are several spectroscopic methods to consider: Raman, infrared, and near-infrared. We chose near spectroscopy, as it lends itself very well to miniaturization. You can have very small, almost pocket-sized, near-infrared spectrometers, and they are extremely rapid. Using the technology we work with, you record a reflectance spectrum in a few seconds.

When people talk about rapid analysis, they sometimes introduce methods that take a few minutes. If you talk to professionals who operate within law enforcement or customs, a few minutes on the scene doing a measurement can feel like a lifetime. That makes near spectroscopy very attractive. Within 10 to 20 seconds, I can do multiple measurements on the same sample.

For illicit drugs, for example, the first step in the field is often a colorimetric reaction. This is challenging because people in the field have to add liquids to a sample to observe color, and they are not necessarily trained to do so.

We use reflectance sensors, where people simply place a glass vialwith a small amount of powder directly on the sensor, and then press scan. There is no sample preparation, no complex instructions. This is a very convenient process both in the field and in a laboratory situation where you are carrying out high-volume screening.

Pittcon Thought Leader: Arian Van AstenPlay

Credit is due here to Dr. Henk-Jan Ramaker from TIPb. He did and does a lot of the model development and the chemometrics (advanced data analysis).

This is also where one of the technique's challenges comes in. Imagine you are in a forensic setting, and you have a sample with an unknown composition. You have an idea that it could contain explosives or illicit drugs, depending on the context of the case, but you are not sure. The sample is also not pure.

A typical street sample of a drug can contain several other substances in addition to the psychoactive substance of interest. This includes adulterants, diluents, or tableting agents. When taking a measurement, you will get a composite signal with spectral features of all these components. So here, we need data science to help us decipher the complex signal and tell us what compounds are present and at what level.

You can take a machine learning approach, but that typically requires huge amounts of data. We can measure thousands of street samples, for which we have used other techniques like GC-MS to determine the composition. We use that knowledge to look for similar signals if we have an unknown and suggest its composition.

What Dr. Ramaker has developed is much more elegant. He takes pure compound spectra of all the known possible constituents in a sample for a given type of drug. With this limited set of spectral reference data, he subsequently 'explains' the observed signal.This is much faster and requires less reference data for a functional model. You, for instance, only need the NIR spectra for 10-15 pure compounds to fit all cocaine street formulations.

I think both are true. We have more analytical capability to look at very low levels of substances within samples and chemically understand what is going on.

Chemical profiling is a different field that I am involved in. Here, we look at how materials are degrading and what kind of raw materials are used. We are interested in impurities and what they tell us about how the material was made or transported. You cannot typically do that with portable spectroscopy. The technique is not sensitive enough. Compounds need to be present at 5-10 wt% to be 'noticed'.

It is also true that the chemical complexity of illicit drug case samples has increased considerably. There are two reasons for that.

First of all, because many countries work with lists of banned substances in their illicit drug legal framework, we have seen 'creative' criminals producing so-called new psychoactive substances (NPS). These designer drugs look and function very similar to their banned analogs but are not listed and, therefore, do not fall under the illicit drug law. Selling such a product is consequently not an illicit drug crime.

Governments tend to react when they see such new materials entering the illicit drug market. They take legal action to place the new compound on the list of banned substances. But that fuels a rat race in which the criminal makes another variant when the ban is successful. We have seen a rise in what we call designer drugs in many European markets. Meanwhile, there is an additionalchallenge here in the US where the ongoing opioid crisis is leading to drug street samples that contain multiple fentanyl analogs at relatively low levels in the presence of cocaine or heroin.

I think there is. The forensic science domain is open, but it is also a somewhat complex situation. We are scientists, so we wou
ld like to explore new methods, develop them, and share them to contribute to a safe and just society. But at the same time, there is always the risk that this information falls into the wrong hands. This is especially important when you investigate how to make explosives or how to characterize drugs of abuse.

Additionally, forensic science is typically a very international, open environment where people are eager to share, whereas criminal justice is typically more closed, domestic, and local. This makes it for instance difficult and rare to bring in foreign forensic experts to report and testify in a case. This is also understandable, crime is a sensitive and typically a national affair with local victims and perpetrators.

There are a couple of problems here. First of all, when you transition from science and innovation to something used in forensic practice and being presented as forensic evidence in court, you need to be very strict with respect to quality. You need validation studies and accredited methods. You have accreditation bodies that come and check to make sure that 'you say what you do and do what you say.'

So you need to make that new method fit for purpose. You would have to show, quite vigorously, that you know the error rates, you know when things go wrong, you know how to spot an error and how to improve. This is very important because once that evidence is in court, it can have a lot of impact, especially when drugs or explosives are involved. You need it to be free of error.

Of course, where work is done, errors are made; this is inevitable. But in a forensic setting, you need to show that you have minimized and mitigated potential errors and that you have a system in place to spot errors, correct them, and prevent them from happening in the future. Forensic evidence can make a lot of difference to the people involved, including suspects, victims, and family members, and therefore, must be of superior quality.

However, there is also the interesting question of when a forensic investigation is good enough. When is there enough selectivity to say that, with a portable technique, you can do a measurement in seconds and also present the findings with confidence in court? Here, as a forensic scientist from academia, you can run into some conservatism and resistance. People tend to rely on what they trust and have been using successfully in the past. However, these trusted methods were once also highly innovative and groundbreaking!

There is a clash here. If you are in court, then the judge, the people involved, the public prosecutor, and the legal defense all have a very simple question. Did that person fire the gun? Did the suspect produce these cocaine samples? However, forensic scientists and experts need to take scientific uncertainty into account. When the expert involved tries to explain this uncertainty, everybody starts to think, "You are the expert. Why are you telling this difficult story? The question was very straightforward; just say yes or no based on your expertise and experience".This is why forensic scientists and experts must also be great communicators, being able and willing to explain difficult scientific aspects in a simple yet convincing manner.

Collaboration is essential to developing such a methodology and successfully introducing it in forensic practice. For a lot of the research I do, I arrange a 'triangular collaboration' involving academia, commercial companies, and users. I need forensic practice because they need to tell me how an investigation is conducted and the problems and challenges they face. They can also supply me with samples from actual cases rather than artificially created samples. These are really valuable samples on which to test and develop the methodology.

At the same time, we need companies and technology to realize our ideas and develop viable and robust instrumentation. A very powerful method may exist, but the research group involved is often not capable of taking the next step and developing a product that could really make a difference. Many innovations fail because of this. Involving a company that is able to develop, introduce, and maintain a product is the magic ingredient that you need to be successful.

Basic instruction would suffice. It is very simple. You have the platform. You take the PowderPuck, a small portable benchtop, and put it on the table. You take a glass vial, put in 0.5 to 1 gram of a powder sample, put it on the instrument, and press scan. That is it. I think a 5-year-old child could get it right.

I have attended several of the National Institute of Justice (NIJ) sessions here. You hear a lot about forensic science and the advancements in several areas, but there is clearly a lot of interest in portable technology and bringing that analytical technology out of the lab and into the field.

When you go out here on the exhibition floor, there is an interesting transition ongoing in terms of not just technology being presented but also computing possibilities. This allows you to create products that transfer data wirelessly, get results on your mobile phone, and connect to central servers where powerful computers carry out complex data analyses and send results back to the user. I think that we will see many more of these types of developments opening up a whole range of possibilities.

Years ago, you would go into the field with a Raman instrument, and everything would have to take place on that single instrument. But this limitation does not exist anymore. Now, you can take the measurements, send the data to a central location, and share it with other users.

Experts can also examine the data from a distance and perform a quality check on the data in seconds. To the user, this seems almost instantaneous as results appear on the smartphone or tablet. But in the mean time a lot is actually happening 'under the hood'. I think that these data science developments will revolutionize analytical chemistry.

The presentations and meetings with scientists are nice, but I think what makes Pittcon very special is the exhibition. It is massive! There is no equivalent to that in Europe or the Netherlands, and I find that very inspiring.

There is all this energy and activity, particularly when it comes to analytical chemistry. It is never only the science, right? There must be instrumental and technological developments to back it up and really make a difference, and that is what you see on the expo floor.

The first time I attended Pittcon was in 2014 in Chicago, and again in 2017. When you go out on the expo floor for the first time, it is mind-blowing. I had never seen anything like that before, even having been an analytical chemist for many years. You get this feeling of really getting into it, talking to people, touching instrumentation, and hearing about great ideas.

It is inspirational to see other types of applications that can trigger questions like, "Oh, what would the forensic angle be here? Could it be useful? Could I use this to solve a crime?" Then you start talking to people. Some of the projects that I am involved with have actually emerged from these types of discussions.

Arian van Asten is a full-time professor in forensic analytical chemistry and on-scene chemical analysis at the van t Hoff Institute for Molecular Sciences, Faculty of Science, University of Amsterdam. His research interests include the chemical profiling of explosives and drugs, the analysis of (bio)markers of CWA (Chemical Warfare Agent) exposure, rapid chemical identification at the crime scene with portable instruments
, the forensic use of comprehensive 2D chromatography, chemical imaging of forensic traces, and the use of data science and A.I. to generate forensic chemical intelligence from large volume forensic case data. In addition, he is the director of the Master Forensic Science at the Institute for Interdisciplinary Studies of the University of Amsterdam, the only 2-year full-time MSc program in forensic science in the Netherlands. Together with prof dr Maurice Aalders he leads the Co van Ledden Hulsebosch Center (CLHC), a national forensic network organization named after the first Dutch forensic science pioneer. Prior to his transfer to the University of Amsterdam in 2018, he worked for over 12 years at the Netherlands Forensic Institute as a member of the management team, department head, manager of R&D programs and forensic coordinator of complex, international cases, including bomb attacks and airplane crashes. He has (co)authored over 80 peer-reviewed scientific publications on (forensic) analytical chemistry and is the author of the academic course book Chemical Analysis for Forensic Evidence that was published at the end of 2022.

This information has been sourced, reviewed and adapted from materials provided by Pittcon.

For more information on this source, please visit Pittcon.

Disclaimer: The views expressed here are those of the interviewee and do not necessarily represent the views of AZoM.com Limited (T/A) AZoNetwork, the owner and operator of this website. This disclaimer forms part of the Terms and Conditions of use of this website.

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Chemical Clues: Real-time Forensic Analysis of Drugs and Explosives - AZoM

Companion compound for naloxone could boost opioid reversal effects, save lives – Chemistry World

A new compound that binds to a part of the -opioid receptor (OR) could be a useful tool in preventing deaths from opioid overdose. The molecule works in conjunction with naloxone, boosting its effectiveness seven-fold.

Naloxone is an effective treatment for opioid overdose. However, larger and repeated doses are needed in response to overdoses from more potent synthetic opioids such as fentanyl.

In a search for a potent alternative to naloxone, researchers screened a large DNA-encoded chemical library and identified a potential candidate that was highly selective for the -opioid receptor. This new compound codename 368 is a negative allosteric modulator that binds to the OR but at a different site to opioids. The researchers explained that, until now, selective potent negative allosteric modulators for the OR had remained elusive.

The researchers found that when 368 was bound to the OR, it enhanced the binding affinity of naloxone, boosting its potency by over seven-fold. Observations made using cryo-electron microscopy showed that 368 worked cooperatively with naloxone to potently block opioid agonist signalling.

In vivo mouse models revealed that the addition of 368 meant that lower doses of naloxone could be used to effectively inhibit the effects of morphine and fentanyl, while minimising withdrawal symptoms.

Further screening of other negative allosteric modulators could help uncover their mechanism of action and improve the effectiveness of these compounds, the researchers write.

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Companion compound for naloxone could boost opioid reversal effects, save lives - Chemistry World

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Establishing the origin of Marcus-inverted-region behaviour in the excited-state dynamics of cobalt(III) polypyridyl ... - Nature.com

Chemistry by type of stew – Can it be so easy to combine very different substances in a "one-pot synthesis" to create a … – Chemie.de

Chemists at the University of Konstanz describe how they have made a very unusual reaction possible.

An old dream of mankind is to combine the best of two worlds: to bring together the advantages of two opposing things without having to accept their disadvantages. This old dream is also being pursued in chemistry: how good would it be to combine the properties of organic and inorganic substances?

Organic substances stand for high functional diversity, while inorganic substances are very stable. The fact that chemists want to bring them together in the form of hybrid materials is nothing new. The only problem is that organic and inorganic substances require very different reaction conditions. You can't just throw them into a pot and stir them twice. Or can you? Prof. Dr. Miriam Unterlass' research group at the University of Konstanz has developed a process that can do just that: a "one-pot synthesis", as the chemists call the process, or rather a "one-pot synthesis".

"One-pot synthesis" means exactly what the name suggests: The very different reagents are not treated separately, but are all brought together in a common vessel. It is very important that the reactions of the different substance classes take place at the same time and synergistically. However, for this to work at all, the right balance must be found between the very different reaction conditions. This is very tricky and requires a lot of laboratory work, but as the chemists in Constance show, it can be very easy with the "right recipe".

"The beauty of our approach lies in its simplicity," emphasizes Frank Sailer, who was instrumental in developing the one-pot synthesis in his doctoral thesis. "Just like a stew, you have to find the right cooking point so that the lentils have not yet disintegrated, but the potatoes are already cooked through." Applied to chemical reactions, this means You need the right ratio of pressure, temperature and time. And, of course, the right ingredients.

"We don't need any toxic catalysts or solvents," says Sailer, citing the advantages of the process - it is therefore sustainable and environmentally friendly. The only solvent used is pure isopropanol (the main component of disinfectants), which is harmless and available in large quantities. The main ingredients of the new material class are special dye molecules, so-called pigments, and layered titanium dioxide.

If it is so simple, why wasn't this reaction process discovered long ago? "Because the idea is very unusual. The organic components are not normally synthesized under such conditions," explains Sailer. Finding such reaction pathways is a declared goal of Miriam Unterlass' working group: she is investigating how chemical synthesis processes can be optimized by choosing the right framework conditions and lead to better, more sustainable results. "We produce better materials in a faster and more environmentally friendly way," explains Miriam Unterlass.

So is it the best of both worlds that has come out of one-pot synthesis? Strictly speaking, it is much more than that. "We don't just want a sum of the properties, but a synergetic interaction," explains Frank Sailer, "new properties that the two starting materials don't have." The new class of material that Sailer and his colleagues have created is virtually predestined for batteries due to its layered structure. The name of the new material class: Pigments@TiO2.

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Chemistry by type of stew - Can it be so easy to combine very different substances in a "one-pot synthesis" to create a ... - Chemie.de

Lupita Nyong’o On Cats & Chemistry With Joseph Quinn – Refinery29

That trust definitely showed up on screen and off resulting in viral chemistry. So who would Nyongo want to work with next? When we asked her our signature Unbothered question about what the actress needs right now (in our opinion Black womens needs arent prioritized enough. Period), she had a quick response: What do I need? I need to work on a project that is funny. I need to work on a light and funny project. You can say a lot about Nyong'o's filmography but "light" probably isn't the first word that comes to mind. After winning an Oscar for 12 Years A Slave, Nyong'o's biggest films have been Us, the Black Panther and Star Wars franchises, and spy thriller The 355. None of those are going to leave you in stiches, but as Nyong'o proved in our interview and throughout the Quiet Place press tour, she's got comedy chops. She even has some dream co-stars in mind: "Yahya Abdul-Mateen II or Donald Glover," she says after some thought.

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Lupita Nyong'o On Cats & Chemistry With Joseph Quinn - Refinery29

Greece’s Thomas Walkup reveals key to chemistry, praises team unselfishness and Giannis – Eurohoops

By Antonis Stroggylakis/info@eurohoops.net

There were a lot of things that Greece guard Thomas Walkup loved about the win of his team over the Dominican Republic for the Olympic Qualifiers. What particularly pleased him was the level of basketball that he and his teammates delivered in a sold-out Peace and Friendship arena.

Its not just about the winning, Walkup said. Its about the quality of basketball for us. Not just tonight but in general. From the very first day it was about the quality of basketball. And tonight I think we had a pretty good quality of basketball.

Thats an understatement. Greece produced 109 points on 27 assists for just eight turnovers a number that gets even more impressive considering how fast-paced the game was at times. Vassilis Spanoulis players executed with the precision of 36 out of 57 from the field and their offensive prowess and fluidity generated plenty of beautiful plays and highlights.

Everybody is unselfish, everybody is willing to pass, everybodys passing the ball when they should pass the ball, Walkup commented. Its really just fun basketball to be a part of because you see how the ball is moving and how everybodys playing in rhythm.

Follow all the action of the Olympics qualifiers with Courtside 1891 on DAZN

Walkup himself successfully played a perhaps unlikely part of a scorer rather than his usual role of facilitator. He finished with 17 points on 6 out of 9 shots, including 3-6 triples and a couple of key buckets when the Dominican Republic was trying to come back in the game during the third period.

Strangely enough, he didnt register any assists. There was no need to.

Im comfortable wherever I need to be used, Walkup stated. Whats great about this team is that everybody is playing for the guy next to him. Thats what makes it flawless.

Considering that training camp began just two weeks ago, Greece is displaying some enviable chemistry. The kind of which you find in groups that have been together for a long time.

The players communicate with each other on the floor very quickly and quite smoothly, finding each other easily, distributing the ball around with speed and being at the right spot at the right moment for their teammates to find them.

Walkup doesnt believe that this is about any tactic or strategy and attributes this to the mentality that he and the rest of the guys carry on the court.

I think its the character of the team, Walkup mentioned. Everybody is unselfish. Everybody wants the guy beside him to do just as well as themselves. It makes it easy to play for someone else. To play for the next pass, the extra pass. It also helps when you have Giannis who can create everything.

Speaking of Giannis Antetokounmpo, the Milwaukee Bucks superstar had a literally unstoppable performance of 32 points on 11 out of 11 shots. The only way that the Dominican Republic could hope to put any brakes on him was by fouling often rather hard and sending him to the line.

It was great, Walkup said on sharing the floor with Giannis for the first time in an official game. He was flying up and down the court. Hes creating something out of nothing a lot of the times. Nick [Calathes] also did a pretty good job of getting him involved too, giving him a lot of easy buckets. I dont have to tell you guys you can watch the game and see how incredible he is.

The one who has infused Greece with this kind of team ethos is none other than Spanoulis. Walkup went into detail on how the legendary player and now coach set the tone from the get go on what should the dominant mindset around the squad.

From the very first day he said that there are no clubs, no egos, none of that on this team, Walkup explained. From the start, that its about the national team. Its about Greece, representing Greece. This is so much bigger than our clubs, for ourselves, than our families our friends and everything that you typically play for as an individual. Youre playing for something much-much bigger. I think thats where this comes in.

While often the main ball handler with Olympiacos Piraeus, Walkup finds himself adjusting to a different situation on the Greek national team, especially when he shares the floor with star playmaker Nick Calathes.

How does he feel about being the off-the-ball guy for a change?

I love it, Walkup said, rather enthusiastically. Of course there are still times when I do play on the ball. But I think that Nick and guy can help each other and take pressure off each other. Its tiring to play defense, bringing the ball up, create offense. I think we play off each other pretty well.

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Greece's Thomas Walkup reveals key to chemistry, praises team unselfishness and Giannis - Eurohoops

Michael Saylor and Bitcoin Grilled by Peter Schiff By U.Today – Investing.com

U.Today - (BTC) began Friday with another round of declines, trading at $54,300 and resulting in liquidations totaling over $662.62 million in the past day.

This decline prompted a reaction from Michael Saylor, CEO of MicroStrategy and a well-known BTC advocate, who took to social media to express his continued support, stating that Bitcoin represents independence (well-timed for U.S. Independence Day on July 4).

However, Peter Schiff, a well-known financial expert and outspoken critic of Bitcoin, responded with characteristic sarcasm, suggesting that Bitcoin would indeed make investors independent of their money. But there's a catch.

Schiff also elaborated on his views, highlighting the recent low of $53,550 per BTC, an enormous drop from its record high of $74,000. He pointed out that this represents a 27.5% decline in U.S. dollar terms and a 38.5% decline against gold.

Furthermore, Schiff predicted that if Bitcoin's value falls below $38,000, all ETF buyers will experience losses, which could trigger widespread selling as investors decide to cut their losses.

As Bitcoin navigates its current bearish phase, the question is whether it can recover from this downturn and reach new heights, or whether the predictions of critics like Schiff will come true and lead to further declines.

This article was originally published on U.Today

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Michael Saylor and Bitcoin Grilled by Peter Schiff By U.Today - Investing.com

After a 10-Year Wait, Mt. Gox Bitcoin Is Finally Being Returned – WIRED

In late February 2014, Daniel was at his computer trading bitcoin on Tokyo-based crypto exchange Mt. Gox. Suddenly, the website flashed white and became unresponsive. In a panic, Daniel turned for answers to internet forum Bitcoin Talk, where speculation had already begun: Mt. Gox was in trouble.

Daniel, who lives in Europe, was a university student at the time. After making a bit of money trading bitcoin on Mt. Gox, he had posted almost all of his wealth to the exchange. When Mt. Gox fell offline, Daniel says, he went into full crisis mode. He needed that money to fund the remainder of his time in school.

On February 28 of that year, Mt. Gox filed for bankruptcy. Hundreds of thousands of bitcoinback then worth around $400 million, now $45 billionhad been stolen in an elaborate heist, the company said. It had practically no remaining funds with which to process withdrawals.

Thus began a Kafkaesque ordeal for Mt. Gox customers, who for the past decade have wrestled through a winding and bureaucratic corporate reorganization process in hope of recovering the bitcoin they lost. WIRED spoke to eight former Mt. Gox customers, all but one of whom, like Daniel, asked to appear under a pseudonym to protect their financial privacy. They each told a similar story, characterized by confusion, repeated delays, and a maddening lack of control.

The first few weeks were the worst, says Daniel, who fell into a depression in this period and began to drink. Though he later secured a loan to finish college, Daniel resorted for a time to credit card fraud to replace the stolen funds, telling himself that no harm would come to the individual card owners, who were insured. After nearly being caught, he sought out a stable job, but at the time, he had pretty much given up on life, says Daniel.

Ten years later, Mt. Gox customers are about to be reunited with their bitcoin. On June 24, the trustee responsible for managing the estate, veteran bankruptcy lawyer Nobuaki Kobayashi, announced that crypto repayments would begin to filter through from July onward. On Friday, the coins began to move.

In a highly atypical turn of events, Mt. Gox customers actually stand to profit financially from their involvement in the bankruptcy. Because only a limited amount of bitcoin was recovered, customers will receive only roughly 15 percent of the bitcoin they held on the exchange. However, the hundredfold increase in price in the intervening period means the dollar-value of the coins will far exceed the worth of their original pile. In all, around $9 billion worth of bitcoin will be returned. Ive seen the crypto universe rise, die, and rise again, says Daniel. Im watching the bitcoin charts daily.

Mt. Gox was started in 2010 by Jed McCaleb, an early bitcoiner from the US. McCaleb sold the exchange in 2011 to Mark Karpels, a young French developer, under whom it became the largest in the world. In 2013, three-quarters of global bitcoin trades were reportedly passing through Mt. Gox.

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After a 10-Year Wait, Mt. Gox Bitcoin Is Finally Being Returned - WIRED

Up to 99% of Mt. Gox’s $8.2B Bitcoin could be sold Analyst – Cointelegraph

Most of the Bitcoin being repaid by defunct exchange Mt. Gox will likely be sold, threatening to cause more downside pressure on the price of Bitcoin.

The Mt. Gox repayments could add $8.2 billion worth of additional selling pressure to the Bitcoin (BTC) price, according to finance analyst Jacob King.

The analyst said that onchain movements already point to the fact that Mt. Goxs creditors have started selling. King wrote in a July 4 X post:

The gloomy prediction comes hours after Mt. Gox began repaying its debts in Bitcoin and Bitcoin Cash (BCH), the collapsed crypto exchange announced on July 5.

Related: Ether ETFs will only be a sidekick to Bitcoin ETFs Bloomberg analyst

The predictions raise concerns about the price of Bitcoin, which has been struggling to gain traction for over a month and is currently trading above the $60,000 psychological mark.

Bitcoin has been in a downtrend for the entire month of June, logging a nearly 18% loss during the second quarter of 2024.

However, the market selling by Mt. Goxs creditors could potentially take Bitcoin back into bear market territory, according to the analyst:

The Bitcoin price fell 3.9% in the 24 hours leading up to 10:17 am UTC on July 5 to trade at $55,250. The worlds first crypto is down over 10% on the weekly chart, according to CoinMarketCap data.

Despite the potential selling pressure, the repayments are a positive development for the industry and the defunct exchanges users. This sentiment is echoed by Mark Karpels, the former CEO of Mt. Gox, who highlighted this in a July 5 X post:

Despite the potential selling pressure, the repayments come as a positive for the industry and the exchanges defunct users, as also highlighted by Mark Karpels, the former CEO of Mt. Gox. He wrote in a July 5 X post:

Related: Justin Sun offers to buy German govts $2.3B Bitcoin stack to minimize market impact

More than $9.4 billion worth of Bitcoin is owed to approximately 127,000 Mt. Gox creditors who have been waiting for over 10 years to recover their funds.

Considering that the Bitcoin price increased by over 8,500% during the past 10 years, the majority of defunct creditors will likely look to lock in some profits.

This is partly why King also expects around 99% of the creditors to sell their BTC. He wrote:

Magazine: Could a financial crisis end cryptos bull run?

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Up to 99% of Mt. Gox's $8.2B Bitcoin could be sold Analyst - Cointelegraph

Bitcoin Falls as Mt. Gox Repayment Roils Crypto Market – Investopedia

Key Takeaways

Prices for major cryptocurrencies, as well as shares of Coinbase Global (COIN) and MicroStrategy (MSTR),slumped Friday as collapsed crypto site Mt. Gox began paying back creditors.

Nobuaki Kobayashi, the trustee for the Mt. Gox bankruptcy estate, said that the estate made repayments in Bitcoin and Bitcoin Cash to some of the rehabilitation creditors through a part of the Designated Cryptocurrency Exchanges etc. in accordance with the Rehabilitation Plan.

He noted that other creditors would be promptly repaid when certain conditions were met, among them that they can be made safely and securely.

Bitcoin (BTCUSD)was trading around $55,700, down roughly 2.4%, as of 10:45 a.m. ET Friday. Ether was off about 3.4%.

Mt. Gox was once the worlds biggest crypto exchange, at one point handling 70% of bitcoin transactions. A hack attack in 2014, which resulted in the loss of an estimated 740,000 bitcoin, led to the firms demise.

The anticipation of the Mt. Gox news, which Kobayashi signaled last month would happen in July, had already begun to roil the crypto market. Todays announcement sent bitcoin to its lowest level in five months.

The impact has also been felt at Coinbase, which reported it had $935 million in revenue from customer crypto trading in the first quarter, double what it was in the fourth quarter. MicroStrategy said in its first-quarter financial report that it owned 214,400 bitcoin.

Coinbase shares were down about 5% to $213.87 as of 10:45 a.m. ET Friday, while MicroStrategy fell more than 6% to $1,220.11. Still, shares of Coinbase and MicroStrategy have surged about 23% and 93% year-to-date.

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Bitcoin Falls as Mt. Gox Repayment Roils Crypto Market - Investopedia

Mt Gox creditors may have to wait for up to three months to receive their bitcoin – The Block

Companies July 5, 2024, 5:18AM EDT Published 1 minute earlier on

Mt Gox creditors may need to wait up to three months to receive their bitcoin or bitcoin cash repayments depending on which crypto exchanges they made the claims with, according to a trustee document.

The trustee of the defunct crypto exchange announced today that it has started to make repayments to a part of the designated crypto exchanges based on the rehabilitation plan.

The trustee has previously detailed that the timeline for payouts to become visible in creditors' accounts may vary depending on the exchanges. Kraken is given 90 days to process payouts, while Bitstamp may take up to 60 days. BitGo will have payouts visible within 20 days. SBI VC Trade and Bitbank will both complete payouts within 14 days.

Each Designated Cryptocurrency Exchange, etc. is obligated to add the number of BTC +4.91% / BCH +10.80% to the balance of a rehabilitation creditor's account (or to transfer BTC/BCH to a wallet linked to the account) within a certain number of days after the day the BTC/BCH are transferred from the Rehabilitation Trustee, the trustee said in the document.

The trustee noted in its announcement today that repayments to eligible creditors will be promptly made if they meet certain conditions, including confirmation of the validity of registered accounts, acceptance of the intention to subscribe to an agreement by designated crypto exchanges, as well as completion of discussions with the trustee.

Earlier today, Mt Gox moved 47,228.7 BTC (about $2.71 billion) to a wallet and later transferred the assets in multiple transactions, including sending 1,545 BTC ($85 million) to a hot wallet on crypto exchange Bitbank, according to data from Arkham.

Bitcoin's price dropped below $54,000 at one stage today, and the largest cryptocurrency is currently trading at $54,270, down 6.48% over the past 24 hours. The broader crypto market saw more than $665 million in daily liquidations across centralized exchanges.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Mt Gox creditors may have to wait for up to three months to receive their bitcoin - The Block

Watch these Bitcoin price levels next as $52K supertrend risks failure – Cointelegraph

Bitcoinfaces a battle to preserve its bull market as Mt. Gox reimbursements spark the biggest liquidation cascade in years.

The Bitcoin (BTC)price downside hit 5% on July 5 alone, according to data from Cointelegraph Markets Pro and TradingView and now traders are eyeing lines in the sand that bulls must protect.

For popular trader Matthew Hyland, first on the radar is support at the $52,000 mark.

This forms the floor of Bitcoins supertrend indicator on weekly timeframes a foundation for price in place since mid-Marchs $73,800 all-time high.

Supertrend employs average true range to create a Supertend line, which delineates buy and sell phases for BTC/USD. The pair has been above the supertrend line since the end of 2022, when Bitcoins last bear market ended.

Observing prior Bitcoin bull markets, the current drawdown from all-time highs is still modest.

Since 2016, BTC/USD has dipped 38% on multiple occasions, making the capitulation target $45,750.

Commenting on the phenomenon, Adam Back, founder and CEO of Blockstream, criticized fickle market sentiment. Instead, he argued that hodlers should increase exposure to both Bitcoin and the stock of MicroStrategy, the firm with the largest BTC treasury of any public company.

Reminder, zoom out. prior bull runs had half a dozen -30% draw downs too. we're at about -26% (-27% earlier), he wrote on X.

Just as unfazed about the extent of the downside is popular trader and analyst Rekt Capital.

Related: Mt. Gox begins repayments in Bitcoin and Bitcoin Cash

This pullback is -21% deep & 45 days long. In this cycle, average retrace depth is -22% & average retrace duration 42 days, he calculated.

Long-term, he added in a further X post alongside a comparative chart, BTC price history is repeating as we speak.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Watch these Bitcoin price levels next as $52K supertrend risks failure - Cointelegraph

Bitcoin Ichimoku cloud reassures as BTC price bounces from 4-month low – Cointelegraph

Bitcoinsought a rebound into the July 5 Wall Street open as the market digested the start of Mt. Gox reimbursements.

Data from Cointelegraph Markets Pro and TradingView tracked a 3.8% Bitcoin (BTC)price rebound from lows of $55,550 on Bitstamp.

This represented the lowest levels for BTC/USD since late February, as liquidations mounted and sentiment fell close to extreme fear.

Market observers, while surprised at the extent of the latest downside, pinned blame on the start of transfers from wallets affiliated with the Mt. Gox rehabilitation proceedings.

The first transfers have begun. Market sold off again following these transfers. Now comes the time where well figure out how much is getting sold and how the market absorbs it, popular trader Daan Crypto Trades wrote on X.

As Cointelegraph reported, the total funds involved in the distribution to Mt. Gox creditors totaled more than $8 billion in Bitcoin and Bitcoin Cash (BCH).

Daan Crypto Trades noted that BTC/USDT continued to respect a broad downward trending channel something which even infamously cautious trader Il Capo of Crypto considered an encouraging sign.

Interaction with channels usually means corrective pattern (consolidation before continuation), he responded.

Meanwhile, even the more bullish voices within the trading community conceded challenging times for hodlers.

Bitcoins higher timeframe market structure is being put to the test, popular trader Jelle acknowledged while analyzing the three-day chart.

The latest weekly candle further pressured the bull market from the perspective of the Ichimoku Cloud indicator.

Related: Watch these Bitcoin price levels next as $52K supertrend risks failure

At $56,150, the price fell below the Kijun Sen trendline on weekly timeframes, with the weekly candle sandwiched between it and the upper trendline, Tenkan Sen.

Commenting on the setup, popular trader Titan of Crypto suggested that a close below Kijun Sen on monthly timeframes would require a rethink of overall bullish market structure.

From Ichimoku perspective, unless a monthly candle closes below Kijun and confirms with the following monthly candle, Bitcoin remains bullish, part of a recent Xpost read.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Bitcoin Ichimoku cloud reassures as BTC price bounces from 4-month low - Cointelegraph

Bitcoin Witnesses Crazy $624 Million Mystery: What Happened? By U.Today – Investing.com

U.Today - The crypto market has experienced its second largest liquidation event of all time today, with almost $700 million in long orders wiped out overnight. This occurred as 's price plunged below $54,000, leading to a cascade effect that has further destabilized the market.

Large liquidations like these not only depress prices but also trigger investor panic, exacerbating the sell-off and leading to even more liquidations. The current market situation appears grim, with experts predicting a slower recovery compared to the past.

In the midst of this mess, a jaw-dropping transfer has raised eyebrows, as a transaction involving 11,302 BTC, equivalent to $624 million, was detected moving between unknown wallets. This large-scale transfer has added to the unease among investors, already jittery from the market's wild ride.

The timing of this transfer also coincided with the FUD surrounding large-scale sales by entities such as Mt. Gox paybacks and the German and U.S. governments. The movement of such a substantial amount of Bitcoin in this climate has only fueled speculation about the intentions behind the transfer and its potential impact on market stability.

However, in a surprising twist, Arkham has identified these wallets as belonging to BitMEX, one of the leading and oldest crypto exchanges.

As the market navigates such a chaotic timeline, the actions of major players and the perception of investors will be critical in determining the trajectory of cryptocurrency prices in the near future.

This article was originally published on U.Today

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Bitcoin Witnesses Crazy $624 Million Mystery: What Happened? By U.Today - Investing.com

Bitcoin traders express optimism even as BTC price targets shift lower – Cointelegraph

The Bitcoin price continued its correction on July 4, dropping 3.34% in the last 24 hours and 5.82% in the last week.

Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin (BTC) dropped to a one-month low of $56,709 after losing the key support provided by the psychological $60,000 level.

Meanwhile, the total crypto market capitalization has dropped by 4.23% over the last 24 hours to rest at $2.13 trillion at the time of publication. The 42% leap in the total trading volume is testimony to the sell-side intensity in the crypto market.

Bitcoins drop below $57,000 on June 4 has led to massive liquidations across the crypto market.

Data from CoinGlass shows that over the last 24 hours, $98.04 million worth of long Bitcoin positions have been liquidated, compared to $22.6 million worth of short liquidations.

Approximately $333.1 million of leveraged long crypto positions were liquidated in the 24 hours against $50.52 million short positions.

Despite the bearish price action across the entire crypto sector being led by Bitcoin, analysts are still optimistic about BTCs potential recovery to higher levels.

Bitcoin bouncing back up, now back above the 200-day EMA, Bitcoin analyst Jelle wrote a June 4 post on X.

The analysts sentiments appear to have been informed by Bitcoins drop below the 200-day exponential moving average (EMA) during the early Asian trading session on June 4, as earlier reported by Cointelegraph.

The trader explained that if Bitcoin price produces a daily candlestick close above this level, were looking at a successful sweep of the lows, followed by a retest of the 200-day EMA and a potential bullish divergence from the daily relative strength index (RSI).

Fellow analyst Skew shared the following chart on July 4: The Bitcoin price is retesting the 200D MA for the first time since October 2023, before the approval of spot Bitcoin ETFs.

According to the analyst, the latest drop seen in the price of the pioneer cryptocurrency has been fueled by trend rejection and reversal around $64,000.

At the time of publication, the Bitcoin price had coiled back above the 200-day EMA, currently at $58,256.

Rekt Capital said that Bitcoins current 22% pullback has lasted approximately 45 days and is an above-average pullback.

Meanwhile, pseudonymous analyst Yoddha simply said that the local bottom is in for the price of the flagship cryptocurrency.

Moustache shared similar sentiments, explaining that a retest of the 200-day EMA has always marked a bottom range over the last 18 months.

Related: Bitcoin will crash to $50K, 10x Research warns

In a different post, the analyst shared the following chart, explaining that the current correction is just a healthy pull-back setting up BTC from a massive breakout on the upside after completing the Wyckoff method reaccumulation method.

Daan Crypto Trades noticed more than $200 million in longs and has just entered its position on Bitcoins move back above the 200-day SMA.

CoinGlass data indicates that $57,615 is a significant area of 12-hour bid liquidity just below the spot price, with about $24.61 million in buy orders.

This area could provide the demand pressure required to pull Bitcoin out of the extended downtrend.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Bitcoin traders express optimism even as BTC price targets shift lower - Cointelegraph

Will Bitcoin bounce back? Here’s where five experts see the price heading next – DLNews

Bitcoins slump saw it dip to under $55,000 as it dropped below its 200-day simple moving average.

The downturn comes as Mt. Gox began to repay customers after a decade-long bankruptcy process that should see the return of about $9 billion in Bitcoin.

The fresh influx comes as market watchers expect the German government to sell its Bitcoin holdings, which will also weigh on markets.

So how bad will the downturn be?

This is what the experts say.

David Brickell, head of international distribution at FRNT, told DL News its difficult to say how far Bitcoin will fall.

Still, he sees signs the slump may turn around.

Macro factors line up positively, with the dollar drifting lower and yields reversing lower on expectations of Fed rate cuts and improved liquidity as major central banks adopt an easier policy stance, Brickell said.

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Several factors suggest a turnaround.

This latest flush might be sufficient to attract the dip buyers who have been sidelined, but remain longer term bullish and may well fire the starting gun on the next leg of the bull market, Brickell said. Bulls will be on the lookout.

Rachel Lin, co-founder and CEO of decentralised crypto derivatives exchange SynFutures, said the Bitcoin slump is due to market expectations that Mt. Gox users will dump their tokens,

But we might see a bounce-back if the selling is lower than anticipated, she told DL News.

Lin added that its possible Bitcoins price may tank even further: If there is enough selling to push the price lower, we might be looking at the $50,000 level soon.

Negativity about the impact of Mt. Goxs potential $9 billion dump on the market may just be sentiment.

Thats according to Brad Howell, managing director of crypto market maker Keyrock UK.

We should put this into perspective, Howell told DL News earlier this year.

Bitcoin averaged $30 billion in daily trading volume in March, and the market processed $72 billion in volume when Bitcoin dropped 8% on March 19, Howell said.

This should give you an idea of the volume required to move a market of this size, he said.

Howell also said he didnt expect Mt. Gox creditors to sell their assets as they are likely early adopters who are more likely to hold onto their Bitcoin.

Dont expect huge volumes to be dumped on day one, he said.

Adam Morgan McCarthy, an analyst at digital finance data company Kaiko, said that Bitcoin liquidity over the summer will play a big role in its price action.

Liquidity tends to dry up over the summer months. We can already see this happening, he told DL News.

This means theres less support when theres selling pressure and prices can move more sharply. I expect this to continue throughout July, August, and into September.

CCData research analyst Jacob Joseph told DL News theres reason to be bullish, despite the current challenges.

He cited growing crypto adoption among institutional players for instance via spot Bitcoin exchange-traded funds and the US election serving as positive catalysts for a rally.

In the US, both President Joe Biden and prospective Republican nominee Donald Trump have warmed to crypto.

Joseph said hell be watching for seasonal effects in the summer, which often result in lower institutional trading activity.

He will also keep an eye on key macroeconomic factors, including the inflation rate and the Federal Open Market Committee meeting later this month, for more hints.

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Will Bitcoin bounce back? Here's where five experts see the price heading next - DLNews

German gov’t transfers $172M in Bitcoin to multiple locations – Cointelegraph

A crypto wallet linked to the German government transferred more than 3,000 Bitcoinworth over $172 million in parts to three crypto exchanges and a wallet.

On July 4, blockchain investigator PeckShieldAlert highlighted a significant outbound transfer of 1,300 Bitcoin (BTC)from a German Government (BKA) labeled cryptocurrency wallet. The $75 million worth of Bitcoin transfers was spread across three prominent crypto exchanges: Coinbase, Kraken and Bitstamp.

Further investigation from Cointelegraph revealed that the German government wallet concurrently transferred another 1,700 BTC to a separate wallet address. Speaking to Cointelegraph, the PeckShield team later confirmed that the wallet transferred 3,000 BTC:

While the initial 1,300 BTC were moved to centralized crypto exchanges, the remaining 1,700 were transferred to a separate crypto wallet,according to data from the onchain analytics platform Arkham Intelligence.

The German government has transferred more than 3,000 BTC to multiple exchanges over the last two weeks as well.

The ongoing whale transfers from the German and the United States governments, coupled with the nearing of Mt. Gox repayments, threaten to introduce greater selling pressure on Bitcoin.

Related: UK voters call for candidates to consider crypto as election looms

Since February 2024, the German government-labeled wallet has held 50,000 BTC and has transferred away a major chunk of its holdings over the past few months.

Germany, as well as governments worldwide, haveconfiscated Bitcoin and other digital assets linked to criminal activities, and they hold occasional auctions to sell their confiscated crypto holdings.

The United States government has already sold a significant chunk of the Bitcoin linked to the infamous dark web marketplace Silk Road. Tim Draper, an American businessman and Bitcoin advocate, bought 29,656 BTC from the Silk Road haul in 2014 at an auction organized by U.S. marshals.

Magazine: Could a financial crisis end cryptos bull run?

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German gov't transfers $172M in Bitcoin to multiple locations - Cointelegraph

Panic in the Crypto Market: Bitcoin and Ethereum are Collapsing… – Cointribune EN

Fri 05 Jul 2024 3 min of reading by Luc Jose A.

A shockwave has shaken the world of crypto. In a matter of hours, Bitcoin plummeted by 8%, Ethereum tumbled by over 10%, and millions of dollars in long positions were liquidated. As traders try to understand the reasons behind this sudden downfall, concerns are growing over the significant movements of funds related to Mt. Gox, the defunct exchange platform.

The crypto market was hit by a wave of $580 million in liquidations, a direct consequence of an 8% drop in Bitcoin and similar declines for Ethereum, Solana, and Dogecoin. Long transactions on BTC and Eth saw losses exceeding $380 million, with the largest single liquidation observed on Binance, where an Ethereum transaction worth $18.4 million was forcibly closed.

These massive liquidations result from highly leveraged positions that traders could not maintain in the face of sudden price drops. Data from Coinalyze shows that this situation led to one of the largest waves of liquidations of the year. Moreover, open interest, which measures the number of unsettled bets on futures contracts, fell by 12%, signaling a capital outflow from the market. This increased volatility reflects a sense of panic among investors, exacerbated by external factors such as the movements of funds related to Mt. Gox and government decisions influencing the market.

Market dynamics, regulatory developments, and macroeconomic factors all play critical roles in Bitcoins price movements. Staying informed and agile is key for those involved in the market.

In anticipation of repayments to creditors, Mt. Gox transferred more than $2.7 billion in bitcoins to a new address. This move has sparked fears of increased selling pressure, amplifying the price drops.

At the same time, the German governments decision to liquidate a portion of its bitcoin holdings added a layer of uncertainty to the markets. Traders, already nervous about macroeconomic uncertainties and the upcoming U.S. presidential elections, reacted by massively selling their positions. This massive liquidation caused significant losses for overleveraged positions, particularly on platforms like Binance, where an Ethereum/USDT transaction of nearly $19 million was liquidated.

This increased volatility and price drops have generated a sense of fear among investors, with the fear and greed index plunging to alarming levels. The outlook for the market remains uncertain in the short term, with analysts anticipating a challenging third quarter, marked by increased investor caution and persistent volatility.

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Diplm de Sciences Po Toulouse et titulaire d'une certification consultant blockchain dlivre par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'conomie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet cosystme en constante volution. Mon objectif est de permettre chacun de mieux comprendre la blockchain et de saisir les opportunits qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualit, de dcrypter les tendances du march, de relayer les dernires innovations technologiques et de mettre en perspective les enjeux conomiques et socitaux de cette rvolution en marche.

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Panic in the Crypto Market: Bitcoin and Ethereum are Collapsing... - Cointribune EN

Mt. Gox begins repayments in Bitcoin and Bitcoin Cash – Cointelegraph

Mt. Gox, the collapsed crypto exchange, has begun repaying its debts in Bitcoin and Bitcoin Cash.

Repayments are being made to some rehabilitation creditors via designated crypto exchanges per its rehabilitation plan.

According to an X post by the MtGoxBalanceBot account, the total Bitcoin (BTC) balance on all known addresses of the Mt. Gox Trustee is 94,457 BTC, with 47,288 BTC being moved from these addresses since.

Related: Bitcoin crashes to $53K, but analysts warn the worst isnt over

The repayments to the remaining rehabilitation creditors will be promptly made after multiple conditions have been met.

These conditions include confirming account validity and creditors acceptance of the intent to subscribe to the Agency Receipt Agreement by designated crypto exchanges.

In addition to assuring repayments are made safely and securely, discussions regarding repayment procedures between the Rehabilitation Trustee and the exchanges must also be completed.

Related: Mt. Gox moves $2.7B in Bitcoin to new wallet address

Mt. Gox was founded in 2010 by Jed McCaleb and was one of the largest BTC exchanges, handling 70% of global BTC transactions at its peak.McCaleb sold it to Mark Karpels in 2011.

In early 2014, the exchange suspended all BTC withdrawals, citing technical issues, but later revealed approximately 850,000 BTC was lost due to a long-standing security breach.

After filing for bankruptcy in February 2014 with liabilities far outweighing its assets, the case shifted to civil rehabilitation in 2018, and Karpels was convicted of falsifying financial records in 2019.

Related: Bitcoin will crash to $50K, 10x Research warns

According to several Reddit posts and users, BTC and Bitcoin Cash (BCH) have begun to be repaid and credited to exchanges.

The Reddit post details the email received by Mt. Gox, with MtGox Co., Ltd. as the Rehabilitation Debtor and Nobuaki Kobayashi, Attorney-at-law, as the Rehabilitation Trustee.

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Mt. Gox begins repayments in Bitcoin and Bitcoin Cash - Cointelegraph

Mt. Gox moves $2.7B in Bitcoin to new wallet address – Cointelegraph

Update July 5, 5:41am UTC: This article has been updated to include data concerning the subsequent transfers to Bitbank.

The collapsed Japanese crypto exchange Mt. Gox has transferred 47,229 Bitcoin worth $2.71 billion at current prices to a new wallet address in its first major transaction since May.

According to blockchain analytics platform Arkham Intelligence, the exchange transferred the Bitcoin at 12:30 am UTC on July 5 from cold storage.

The movement comes amid the exchanges scheduled plan to repay creditors in July. A total of $8.5 billion worth of Bitcoin is slated to be paid back to creditors.

At 4:15 am UTC on July 5, Mt. Gox moved1,545 BTC to the hot wallet of an exchange called Bitbank, one of the crypto exchanges supporting the repayment process.

Mt. Gox informed creditors that it had completed all the necessary steps to start begin issuing repayments in July, according to a June 24 statement from Mt. Gox trustee Nobuaki Kobayashi.

Several market commentators voiced concerns over the sheer volume of Bitcoin that could hit the market following Mt. Gox creditors selling their holdings, which have been inaccessible for more than 10 years.

However, other analysts worked to allay fears of a massive sell-off, saying the total amount of Bitcoin that stands to be dumped on the market is probably closer to a value of around $4.5 billion.

Related:German MP urges government to stop hasty Bitcoin sell-off

Galaxy Digitals head of research, Alex Thorn, suggested that many Mt. Gox Bitcoin holders might be more diamond-handed" than anticipated. He highlighted the potential adverse impact of capital gains taxes for those who wished to sell all their BTC at once.

On May 28, Mt. Gox transferred nearly $7.3 billion worth of Bitcoin to another unknown wallet address, and the price of Bitcoin dipped as much as 2% afterward.

The price of Bitcoin fell sharply on July 4 before tumbling lower in the following hours. It is currently changing hands for $57,226, per TradingView data.

The price of Bitcoin is down 6.9% on the week but has posted year-to-date gains of 35.6%.

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Mt. Gox moves $2.7B in Bitcoin to new wallet address - Cointelegraph