According to the bankrupt Mt Gox trustee, no Bitcoin is being sold
Crypto News– The Rehabilitation Trustee for the now-defunct crypto exchange Mt. Gox has confirmed that despite transferring over 140,000 BTC (around $10 billion) today, they have not sold any of their substantial Bitcoin holdings.
In a statement on May 28, the trustee explained that they are still preparing to repay creditors. The bankruptcy process will involve compensating creditors with a combination of fiat currency, Bitcoin, and Bitcoin Cash. Although fiat currency payments have already started, the digital asset payments have not yet been made.
Movement Detected in Mt. Gox’s Bitcoin and BCH Holdings
Earlier today, the crypto community noticed several transactions originating from wallets linked to the collapsed Mt. Gox exchange.
According to blockchain analytics platform Arkham Intelligence, 72 wallets associated with Mt. Gox transferred a total of 141,686 BTC in batches of around 2,000 BTC each to a new wallet, which had its first transaction of $3.65 on May 20.
This new wallet has since moved nearly 4,022 BTC, valued at over $273 million, to other addresses.
Additionally, Mt. Gox-related wallets transferred 142,846.22 BCH to an unidentified address labeled 1LG4G. This wallet now holds 142,824.27 BCH, worth approximately $67.9 million, making it the 11th largest BCH holding address.
These transactions have sparked speculation within the community that Mt. Gox might soon begin repaying its creditors. Alex Thorn, Head of Research at Galaxy Digital, suggested this could be the start of distributions to creditors.
In the meantime, these transfers have caused some market unease. Bitcoin’s price dropped below $69,000 to $68,392 at the time of writing, while BCH saw a 4.03% decline to $470, according to data from CryptoSlate.
FAQs
Who is the Mt. Gox trustee?
The Mt. Gox trustee is Nobuaki Kobayashi, a Japanese attorney appointed to oversee the bankruptcy proceedings of the Mt. Gox cryptocurrency exchange.
What is Mt. Gox?
Mt. Gox was a cryptocurrency exchange based in Japan. It was once the largest Bitcoin exchange in the world but filed for bankruptcy in 2014 after losing 850,000 BTC due to a security breach.
How much Bitcoin does Mt. Gox currently hold?
Mt. Gox reportedly holds around 140,000 BTC, which is a significant amount that could influence the market if sold all at once.
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