The biggest crypto, Bitcoin (BTC), recorded a marginal dip on Tuesday morning over the reports emerging of defunct Bitcoin exchange Mt. Gox transferring more than 140K BTC (approx worth $9 billion) to an unknown address.
Mt. Gox has something to say
Colin Wu reported that Mt. Gox has made its official announcement regarding the transfer of Bitcoins. The notice stated that “Under the Rehabilitation Plan, the Rehabilitation Trustee is preparing to make repayment for the portion of cryptocurrency rehabilitation claims to which cryptocurrency is allocated.”
It highlighted that such repayment means, at the option of rehabilitation creditors, either (i) repayment by way of Designated Crypto Exchange, etc. receiving bitcoin and bitcoin cash on behalf of the rehabilitation creditors, or (ii) repayment with proceeds from the sale of bitcoin and bitcoin cash.
The notice mentioned that the Re Rehabilitation Trustee has received deep concerns about the status of managing Bitcoin and Bitcoin Cash. However, at this time, the Trustee has neither made repayment in the above by way of Designated Crypto Exchange, etc. nor sold Bitcoin and Bitcoin cash to make repayment.
It is important to note that the Rehabilitation Trustee is securely managing Bitcoin and Bitcoin Cash. As the Rehabilitation Trustee is moving ahead with the preparation for the repayments, it is advised to wait for a while until the repayments are made.
What does the market says?
Former Mt. Gox CEO Mark Karpelès also expressed a similar view on X. He stated that “The Trustee is transferring the tokens to another wallet in preparation for potential distributions this year, and will not immediately sell Bitcoin.”
Bitcoin price took a marginal dip over the last 24 hours after declining around 4% in the last 7 days. BTC is trading at an average price of $68,529, at the press time. Its 24 hour trading volume is up by 70% to stand at $31.7 billion.
Bitcoin Cash (BCH) price dropped by over 3% in the last 24 hours. However, it was already on the downward track and this might have added more selling price to it. BCH price declined by 20% in the last 60 days. Bitcoin Cash is trading at an average price of $472, at the press time. Its 24 hour trading volume is up by 59% to stand at $421 million.
