2024

Bitcoin

Arkham

Billion

Recently, Mt. Gox consolidated $9.8 billion in bitcoin into a single wallet, raising concerns among its creditors. This major consolidation occurred without prior notification from Mt. Gox Trustee Nobuaki Kobayashi, leading to widespread speculation and concern. 
Hours after the transaction, Trustee Kobayashi addressed these concerns <a href="https://www.mtgox.com/img/pdf/20240528_announcement_en.pdf" data-type="link" data-id="https://www.mtgox.com/img/pdf/20240528_announcement_en.pdf" target="_blank" rel="noopener">in a statement.</a> The Trustee explained that the transfer was to prepare to repay creditors according to the Rehabilitation Plan. He assured us that no cryptocurrencies had been sold yet and confirmed that all assets were securely managed. According to Kobayashi, the bitcoins and bitcoin cash held will be distributed to creditors either in their original form or converted into fiat currency, depending on each creditor’s preference. 
Further complicating matters, data from Arkham indicates that following the initial consolidation, about $400 million worth of Bitcoin was transferred out to several new addresses. The main wallet now holds approximately $9.4 billion in Bitcoin, roughly half of Mt Gox’s total holdings. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 $10B of Mt. Gox BTC (140K) moved over the last 7 hours 72 different Mt. Gox-linked wallets sent a total of 141,686 BTC in batches of ~2K to 1Jbez, a new wallet that received its first test transaction for $3.65 on 5/20 last week and began receiving larger transactions 8 hours… <a href="https://t.co/PaBXqFrnYO" target="_blank">pic.twitter.com/PaBXqFrnYO</a>— Arkham (@ArkhamIntel) <a href="https://twitter.com/ArkhamIntel/status/1795393616371728424?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 28, 2024</a>
 </blockquote> 
 </div>
</figure> 
Mark Karpeles, former CEO of Mt Gox, also <a href="https://x.com/MagicalTux/status/1795384525503222021" target="_blank">commented </a>on the situation, affirming that the Bitcoin movements are part of the planned distribution process. This is the first such activity in five years. This announcement aims to mitigate fears and clarify the ongoing steps towards resolving the long-standing repayment issues. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also read:<a href="https://www.cryptotimes.io/2024/05/28/mt-gox-5-billion-bitcoin-transfer-causes-price-drop/">Mt. Gox’s $5 Billion Bitcoin Transfer Causes 2% Price Drop</a>. 
</blockquote>

Mt. Gox Moves $9B in Bitcoin for Repayment Strategy

The Crypto Times

Other articles published on May 28, 2024

Luxor Bitcoin Hashrate Futures Go Live on Bitnomial After Regulatory Approval

Tensions in DeFi industry exposed by LayerZero’s anti-Sybil strategy

French Hill discusses Ether ETF, payments stablecoin bill

Analysts Name These New Altcoins as ‘Solana Killers’ That Сould Gain Over 3500%

Ripple (XRP) and Shiba Inu’s Downturn Drives Whales Towards RCO Finance (RCOF) Presale

BREAKING: DWF Labs May Have Invested $5 Million in This Memecoin

Join our free newsletter for daily crypto updates!