{"id":13876,"date":"2024-05-28T16:29:38","date_gmt":"2024-05-28T13:29:38","guid":{"rendered":"https:\/\/forklog.com\/en\/former-mt-gox-chief-comments-on-9-8-billion-bitcoin-movement\/"},"modified":"2024-05-28T16:29:38","modified_gmt":"2024-05-28T13:29:38","slug":"former-mt-gox-chief-comments-on-9-8-billion-bitcoin-movement","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/former-mt-gox-chief-comments-on-9-8-billion-bitcoin-movement\/","title":{"rendered":"Former Mt.Gox Chief Comments on $9.8 Billion Bitcoin Movement"},"content":{"rendered":"<p>Mark Karpeles, the former owner and head of the Mt.Gox exchange, does not foresee a sell-off of bitcoins distributed among the platform&#8217;s clients.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">As far as I know everything is fine with MtGox. The trustee is moving coins to a different wallet in preparation of the distribution that will likely happen this year, there is no imminent sale of bitcoins happening.<\/p>\n<p>\u2014 Mark Karpel\u00e8s (@MagicalTux) <a href=\"https:\/\/twitter.com\/MagicalTux\/status\/1795384525503222021?ref_src=twsrc%5Etfw\">May 28, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;As far as I know, everything is fine with Mt.Gox. The trustee is moving coins to a different wallet in preparation for the distribution, which will likely occur this year. There is no imminent sale of bitcoins,&#8221; he wrote.<\/p>\n<\/blockquote>\n<p>On May 28, the exchange consolidated its cryptocurrency, valued at approximately $9.8 billion, into a single address through a series of transactions.<\/p>\n<p>The transfers were <a href=\"https:\/\/www.mtgox.com\/img\/pdf\/20240528_announcement_en.pdf\">commented on<\/a> by Mt.Gox trustee Nobuaki Kobayashi.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;In accordance with the rehabilitation plan, the trustee is preparing to make payments on some of the cryptocurrency claims for which assets have been allocated,&#8221; the statement reads.<\/p>\n<\/blockquote>\n<p>He explained that bitcoins and Bitcoin Cash will be distributed among creditors either as digital assets or sold for fiat, depending on the creditor&#8217;s choice.<\/p>\n<p>Following the movement of the bankrupt exchange&#8217;s cryptocurrency, the market reacted negatively, with the price of digital gold falling below $68,000. At the time of writing, prices have recovered to levels above this mark.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"617\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSDT_2024-05-28_16-04-50-1024x617.png\" alt=\"BTCUSDT_2024-05-28_16-04-50\" class=\"wp-image-233696\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSDT_2024-05-28_16-04-50-1024x617.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSDT_2024-05-28_16-04-50-300x181.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSDT_2024-05-28_16-04-50-768x463.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSDT_2024-05-28_16-04-50.png 1327w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Hourly chart of BTC\/USDT on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>The civil rehabilitation process for Mt.Gox users began in June 2018. In 2021, the Tokyo court approved the platform&#8217;s compensation plan.<\/p>\n<p>The trustee presented the compensation proposal in December 2020. In January 2021, details of the plan became known, and in February, the court approved it for subsequent voting.<\/p>\n<p>The voting started on May 31 and ended on October 20. Approximately 83% of the exchange&#8217;s users supported the compensation initiative.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mark Karpeles, the former owner and head of the Mt.Gox exchange, does not foresee a sell-off of bitcoins distributed among the platform&#8217;s clients. As far as I know everything is fine with MtGox. The trustee is moving coins to a different wallet in preparation of the distribution that will likely happen this year, there is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13875,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1300,1166,136],"class_list":["post-13876","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bankruptcy","tag-centralized-exchanges-cex","tag-mtgox"],"aioseo_notices":[],"amp_enabled":true,"views":"51","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/13876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=13876"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/13876\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/13875"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=13876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=13876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=13876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}