[Former Mt. Gox CEO breaks silence and repays 141,686 Bitcoins]
Former Mt. Gox CEO Mark Karpeles has broken his silence after the notoriously bankrupt exchange began returning 141,686 BTC.
On July 5, 2024, Mt. Gox, which has been under scrutiny for years, made a major transfer, moving 47,229 BTC worth $2.71 billion according to data from Arkham Intelligence. This transfer, including subsequent transfers between wallets, caused panic and uncertainty within the community.
In response to the events, former Mt. Gox CEO Mark Karpeles said he was relieved to see customers finally receive their bitcoins after more than a decade of uncertainty.
Known for his management of the exchange during its rise and fall, Karpeles faced legal challenges after the exchange collapsed in 2014, resulting in the loss of more than 850,000 BTC (including customer funds).
The news triggered a significant market reaction, with Bitcoin prices falling below $54,000 and Ethereum above $2,900. Many attributed the market decline to increased selling pressure in anticipation of the cryptocurrency being issued by Mt. Gox.
Arkham Intelligence also revealed that an additional 1,545 BTC (worth nearly $85 million) was withdrawn from the wallet to a Bitbank account, the platform chosen by Mt. Gox management for payments. This development is consistent with earlier announcements that the exchange would begin refunding users in Bitcoin and Bitcoin Cash (BCH) in July 2024.
The developments gave investors in Mt. Gox's bankruptcy case hope of a recovery, but also raised concerns about potential selling pressure and price volatility. As these Bitcoins are released, the market will be closely watching its long-term impact on prices.
