Truth About Mt Gox Bitcoin Transfer News That Led To BTC Crash

Crypto Market News: A bug fix related incident by Arkham Intelligence came at the same time as Bitcoin price crashed on Wednesday, in a roller coaster ride for the top cryptocurrency in the last 24 hours. This came on top of the price correction in crypto market amid weakening macro economic scenario followed by some positive momentum due to the falling First Republic Bank stock price.

Also Read: What’s Ahead For Dogecoin 6 Months After Elon Musk Twitter Takeover

Earlier, popular Twitter account focused on crypto news, DB (tier10k), tweeted quoting an Arkham Intelligence alert that said Mt Gox and US government wallets were making transactions. Although the Bitcoin price had already fallen by the time the tweet was published, Arkham later clarified that the alert was erroneously set to a “small subset of users,” which apparently included DB.

Arkham Explains Bug Fix

Following this, Arkham explained that they had just fixed a bug related to Bitcoin alerts. The fix effectively made them to no longer send alerts to a the users. Further, Arkham said DB had earlier set alerts on Bitcoin transactions above $10,000, with names “Mt Gox” and “US Gov”. Hence, when the bug was fixed, users received the alerts set previously.

“When we fixed a bug causing us to not send alerts on configs like this, he then correctly received many alerts based on his parameters. No one received inaccurate alerts, they simply began receiving the alerts they had previously set.”

Although it is entirely possible that the Bitcoin price crash happened irrespective of the erroneous Arkham alerts, incidents like these could give regulators further scope for tightening laws on crypto market transactions.

Also Read: Binance’s New Initiative On Polygon Aims to Woo US Customers Amid Regulatory Scrutiny

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.