Mt.Gox transfers $9 billion of bitcoin to single address, Huge potential for ETF’s, Investor turns $2,700 of Shiba Inu into $1.2 million

Crypto2Cash
3 min readMay 28, 2024

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Mt.Gox transfers $9 billion of bitcoin to single address

Collapsed cryptocurrency exchange Mt. Gox has moved $9.62 billion worth of Bitcoin into a new wallet, marking the first significant on-chain movement from Mt. Gox-related wallets in over five years. This transfer, consolidating 141,686 Bitcoin into wallet “1Jbez” from several cold wallets, raises hopes among creditors that repayments may finally be forthcoming.

The transfers are seen as a potential indication that users, who have been unable to access their funds since Mt. Gox suspended trading and withdrawals in 2014, might finally be repaid by the end of October 2024.

Mt. Gox rehabilitation trustee Nobuaki Kobayashi confirmed that the consolidation is part of the exchange’s plans to start repaying creditors but did not specify when repayments will begin.

The deadline for repayments was initially set for October 31, 2023, but delays have pushed it to October 2024.

Over $9.4 billion worth of Bitcoin is owed to some of Mt. Gox’s 127,000 creditors, who have waited over 10 years for repayment following the exchange’s collapse in 2014 after multiple hacks.

Source: CoinDesk

“Bitcoin and ether ETF markets grow to $450 billion”

Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) are projected to grow into a $450 billion market, according to a research report by broker Bernstein. The report predicts over $100 billion in inflows into crypto ETFs over the next 18–24 months.

A projected Bitcoin cycle high of $150,000 in 2025 and a year-end price target of $90,000.

Ether (ETH) gained 26% last week after the U.S. Securities and Exchange Commission approved filings from eight spot ETH ETF issuers. Trading for these ETFs will commence once the S1 filings are approved.

Ether has been classified as a commodity, settling a major controversy around the cryptocurrency.

Ether is the first proof-of-stake token to be approved as a spot ETF, setting a precedent that may benefit other blockchain tokens, including Solana (SOL).

Source: CoinDesk

Investor turned a $2,700 investment in Shiba Inu into $1.2 million

An investor turned a $2,700 investment in Shiba Inu (SHIB) into $1.2 million by holding it for over three years. The investor bought approximately 48.1 billion SHIB on January 31, 2021, using two wrapped ether (WETH) on the decentralized exchange Uniswap. After holding the SHIB for about three-and-a-half years, the investor sold it when SHIB’s price rose to $0.000026, resulting in a 47,592% return on investment.

  • Investment Details: The initial investment was $2,700 in SHIB, bought on January 31, 2021.
  • Sale Value: The sale was valued at $1.24 million after SHIB’s price increased.
  • Shiba Inu (SHIB): A memecoin with a market cap of $15.2 billion and a circulating supply of 589.3 trillion. It gained popularity following Dogecoin’s success, both inspired by the Shiba Inu dog breed.
  • The Shiba Inu team raised $12 million for a new token, TREAT, for use on a Layer 3 network.
  • SHIB is an acceptable cryptocurrency donation for Donald Trump’s 2024 presidential campaign.
  • Robinhood listed SHIB for trading for New York residents on April 24, 2024.

Source: The Block

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