The Rehabilitation Trustee of the now-defunct crypto exchange Mt. Gox has confirmed that despite transferring over 140,000 BTC (approximately $10 billion), it has not sold its significant Bitcoin holdings. The confirmation came through a statement on May 28, where the trustee emphasized that preparations for repaying creditors were still ongoing.
The firm detailed that the bankruptcy process would involve compensating creditors with fiat currency, Bitcoin, and Bitcoin Cash. While creditors have already started receiving fiat currency payments, digital asset payments have not been distributed yet. The firm assured that the Bitcoin and Bitcoin Cash holdings were being managed securely as the repayment preparations progressed.
Former Mt. Gox CEO Mark Karpeles shed some light on the recent transactions, explaining that they were part of the distribution process. He clarified that the trustee was merely transferring coins to a different wallet in anticipation of the upcoming distribution, which is likely to take place this year. Karpeles reassured that there were no immediate plans to sell the bitcoins.
The crypto community took notice of multiple transactions from wallets associated with Mt. Gox, with blockchain analytics platform Arkham Intelligence reporting the movement of 141,686 BTC in batches to a new wallet. This new wallet, which saw its first transaction of $3.65 on May 20, has since transferred a substantial amount to other wallets. Additionally, significant movements of BCH to an unmarked address have raised speculation within the community about potential repayments.
The transfers from Mt. Gox-related addresses seemed to have an impact on the market, with Bitcoin’s price experiencing a decline to below $69,000. As of the latest update, Bitcoin was trading at $68,392. Some experts, including Alex Thorn from Galaxy Digital, have suggested that these transactions could mark the beginning of distributions to creditors, sparking further interest in the community.
The recent transactions and movements of Bitcoin and Bitcoin Cash from Mt. Gox-related wallets have generated curiosity and speculation within the crypto community. As the trustee continues with preparations for repayments to creditors, the market remains watchful for further developments in this ongoing saga.
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