Mt. Gox, the infamous Bitcoin exchange that went bankrupt in 2014, has vehemently denied rumors of a $10 billion sale of Bitcoin (BTC) and Bitcoin Cash (BCH). The denial came after reports surfaced of a large transfer of funds from wallets associated with Mt. Gox. In response, Mark Karpelès, a cryptocurrency expert, assured the community that no Bitcoin sales were planned in the near future. He explained that the trustee was preparing for distribution by moving coins to different wallets. The denial and reassurance from Karpelès aimed to alleviate concerns within the community.
CoinMarketCap data reveals that the price of BTC currently stands at approximately $67,660.48, representing a 1.90% decrease over the past 24 hours. Additionally, BTC has experienced a 4.21% decline over the previous seven days, indicating a bearish trend.
Mt. Gox, once the largest Bitcoin exchange globally, has been under the supervision of Nobuaki Kobayashi, the Rehabilitation Trustee, throughout the lengthy rehabilitation process. The exchange addressed concerns about the alleged Bitcoin selloff in a letter dated May 28, 2024. The letter clarified that the Rehabilitation Trustee was preparing to reimburse rehabilitation claims involving cryptocurrency. Creditors had two options for repayment: receiving Bitcoin and Bitcoin Cash through a designated cryptocurrency exchange or receiving proceeds from the sale of these cryptocurrencies.
The Rehabilitation Trustee acknowledged the increased concerns regarding the management of Bitcoin and Bitcoin Cash assets. However, Mt. Gox confirmed that no sales had been made to facilitate the mentioned repayment options. The Rehabilitation Trustee assured that Bitcoin and Bitcoin Cash were being securely managed.
Mt. Gox’s denials were in response to reports from Wu Blockchain and Arkham Intelligence, which indicated significant movements of Bitcoin and Bitcoin Cash. Arkham Intelligence reported that 72 wallets associated with Mt. Gox had transferred 141,686 BTC in the last seven hours. These transactions were conducted in batches of approximately 2,000 BTC each to a newly created wallet named 1Jbez. This wallet, which made its first transaction on May 20, 2024, now holds nearly half of the $9.36 billion worth of Mt. Gox Bitcoin.
Furthermore, Arkham Intelligence revealed that the wallet 1Jbez had already started distributing Bitcoin. It sent 4,000 BTC ($271.8 million) to a new wallet named 152w, in addition to smaller transfers to wallets 1LsC and 18YB. For a more detailed analysis of these developments, refer to the CNF video provided.
In conclusion, Mt. Gox has denied the alleged sale of $10 billion worth of Bitcoin and Bitcoin Cash. The Rehabilitation Trustee assured that the distribution preparations were underway and that no immediate sales of Bitcoin were planned. The denial came in response to reports of significant Bitcoin movements from various wallets associated with Mt. Gox.