Mt. Gox has denied involvement in any recent Bitcoin (BTC) and Bitcoin Cash (BCH) sales worth $10 billion.
Mt. Gox has angrily denied being involved in any sale of Bitcoin (BTC) and Bitcoin Cash (BCH) worth around $10 billion, which is a significant move that has sparked extensive discussion within the cryptocurrency world.
Information indicating a significant transfer of funds from wallets related to the notorious exchange prompted the denial.
Mt. Gox Dismisses Claims Of Bitcoin Selloff
During the lengthy rehabilitation process that has been overseen by Nobuaki Kobayashi, who has been designated as the Rehabilitation Trustee, Mt. Gox, which was formerly the largest Bitcoin exchange in the world before it collapsed in 2014, has been at the center of the action.
In a letter dated May 28, 2024, the bankrupt exchange addressed the rising worries that were being expressed. That was stated. The Rehabilitation Trustee, in compliance with the Rehabilitation Plan, is preparing to repay the portion of bitcoin rehabilitation claims assigned to cryptocurrency.
The letter clarified further by stating that the payback process provides rehabilitation creditors with two different options.”Either (i) repayment through a designated cryptocurrency exchange, etc., which receives bitcoin and bitcoin cash on behalf of the rehabilitation creditors, or (ii) repayment with proceeds from the sale of bitcoin and bitcoin cash,” are the two options available to the rehabilitation creditors.
When it comes to the administration of these assets, the rehabilitation trustee acknowledged the increased uneasiness that has been surrounding the situation.
The document included additional information, stating, “Recently, the Rehabilitation Trustee has received inquiries and deep concerns about the status of managing bitcoin and bitcoin cash.””At this time, the Rehabilitation Trustee has neither made repayment in (i) above through a designated cryptocurrency exchange, etc., nor sold bitcoin and bitcoin cash to make repayment in (ii) above,” according to the cryptocurrency exchange.
The Rehabilitation Trustee made this statement to dispel rumors surrounding the exchange. The Rehabilitation Trustee is currently managing bitcoin and its currency in a safe and secure manner.
Reports Of BTC & BCH Sale Worth Over $10 Billion
In response to claims published by Arkham Intelligence and Wu Blockchain, Mt. Gox issued a statement of denial. These reports disclosed significant movements in Bitcoin and Bitcoin Cash.
Arkham Intelligence reported that over the past seven hours, 72 distinct wallets linked to Mt. Gox transferred a startling amount of 141,686 bitcoins.
Batches of around 2,000 BTC each carried out the transactions, sending them to a newly created wallet named 1Jbez. Furthermore, this wallet, which received its first minor transaction on May 20, 2024, currently holds approximately half of the estimated $9.36 billion worth of Bitcoins linked to Mt. Gox.
Additionally, Arkham Intelligence observed that 1Jbez has already begun the process of spreading Bitcoin by sending 4,000 bitcoins (worth 271.8 million dollars) to a new wallet (152w), in addition to making lesser transfers to wallets 1LsC and 18YB at the same time.
These transactions also generated suspicions of a future market selloff, which further exacerbated the anxieties that were already present among the cryptocurrency community.
Wu Blockchain reported that Mt. Gox-associated addresses transferred a total of 142,846.22 BCH to an unmarked address, thereby deepening the mystery surrounding the situation.
The address in question currently holds around 67.9 million dollars worth of Bitcoin Cash, making it the eleventh largest BCH whale address. In spite of these reports, the Mt. Gox Rehabilitation Trustee intends to provide reassurance in order to reduce anxiety and speculation.
The letter noted the ongoing preparations for repayments and urged interested parties to remain patient. The document stated that “please wait a while until the repayments are made, as the Rehabilitation Trustee is currently proceeding with the preparation for the above repayments.”