No, Mt. Gox has yet to begin repaying creditors, and traders need not worry about an impending sell-off. That's according to the former CEO of the bankrupt exchange, Mark Karpelès, who reassured followers on Tuesday that “everything is fine with Mt. Gox.”
“The trustee is moving coins to another wallet in preparation for possible distribution this year,” he tweeted. “There is no Bitcoin sell-off imminent.”
As far as I know, everything is fine with Mt. Gox. The trustee is moving the coins to another wallet in preparation for a possible distribution this year, with no Bitcoin sell-off imminent.
MT. Gox is a Japanese Bitcoin exchange that is said to have accounted for 70% of trading volume in the early days of cryptocurrency. In February 2014, the exchange and company lost 840,000 BTC in a hack that bankrupted the exchange, worth $460 million at the time. Now, ten years later, the exchange is still working to refund customers who left their money behind.
And after all, in 2019, the Tokyo District Court ruled that Karpeles was guilty of creating false electronic records related to the books of Mt. Gox. But the court found him not guilty of embezzlement and breach of trust and after keeping his record clean for four years after his sentence, he avoided prison.
While it was not possible to recover all lost funds, the bankruptcy estate collected more than 141,686 BTC to repay creditors, along with 143,000 Bitcoin Cash (BCH) tokens and 69 billion Japanese Yen (JPY).
Since BTC has increased in price significantly since the time of the hack, creditors will receive a much higher payout in USD terms than what they originally had in their accounts.
While it's good news for customers, investors have long viewed Mt. Gox is like a time bomb for Bitcoin price. The current theory – and fear – is that many creditors will sell their coins when they receive them back. That could flood the market with excess BTC supply and halt Bitcoin's current bull run.
Blockchain investigators were alerted today when a wallet belonging to Mt. Gox sent $9.6 billion in BTC to an unknown wallet, causing rumors that redistribution to creditors had begun. According to Arkham Intelligence, the exchange's BTC assets are currently in three separate blockchain wallets, each containing 47,229 BTC.
Once distribution actually begins, Bitcoin owners probably don't need to worry much, according to one researcher.
Glassnode's chief analyst, James Check, said creditors will probably consider Bitcoin's current price – over $68,000 at the time of writing – as their new cost basis rather than the sub-$1,000 price. la that they bought coins a decade ago. Therefore, he predicts that few investors will show profit-taking behavior when they are repaid.
“While I haven't fully established my opinion yet, my feeling is that it will have a signal level equivalent to tracking whales and exchange balances… not much,” Check tweeted on Tuesday.
Last year, the trustee of Mt. Gox, Nobuaki Kobayashi, published a letter setting the exchange's refund deadline as October 31, 2024.
Source: https://tapchibitcoin.io/cuu-ceo-mt-gox-cho-biet-viec-hoan-tra-bitcoin-van-chua-bat-dau-trader-khong-nen-lo-lang.html
