Former Mt. Gox CEO Breaks Silence on Refund of 141,686 Bitcoins

U.Today – Former Mt. Gox CEO Mark Karpeles has broken his silence after the infamously bankrupt exchange began a 141,686 BTC refund.

On July 5, 2024, Mt. Gox, which has been under scrutiny since its collapse in 2014, made a large transfer of 47,229 BTC, valued at $2.71 billion, according to Arkham Intelligence. This transfer included subsequent movements to and from various wallets, causing fear and uncertainty within the community.

In response to these events, Mark Karpeles, the former CEO of Mt. Gox, expressed relief that customers were finally getting their money after more than a decade of uncertainty.

Karpeles, known for overseeing the infamous exchange during its rise and fall, faced legal challenges after the exchange collapsed in 2014, resulting in the loss of more than 850,000 BTC, including customer funds.

The news sparked significant market reactions, with BTC price falling below $54,000 and surging above $2,900. Many attributed the market downturn to expectations of increased selling pressure due to the influx of cryptocurrencies distributed by Mt. Gox.

Arkham Intelligence also revealed that an additional 1,545 BTC, worth nearly $85 million, was withdrawn from that wallet to a Bitbank account, a platform chosen by Mt. Gox management for payments. This development coincided with earlier announcements that the exchange would begin paying users in Bitcoin and (BCH) in July 2024.

This article was originally published on U.Today