Mt. Gox CEO Affirms: Absence of Bitcoin Selloff Anticipated in Upcoming Weeks and Months

Mt. Gox, the notorious Bitcoin exchange that suffered a major downfall in 2014, has denied rumors of selling $10 billion worth of Bitcoin and Bitcoin Cash. The denial came after reports surfaced about a large transfer of funds from wallets connected to the exchange. However, blockchain researcher Collin Brown has reassured the community that no BTC sales are planned in the near future. He shared that cryptocurrency expert Mark Karpelès, the former CEO of Mt. Gox, is preparing for the distribution of coins by moving them to different wallets. CoinMarketCap data shows that the price of BTC is currently around $67,660.48, indicating a bearish trend. Mt. Gox, which was once the largest Bitcoin exchange, has been undergoing a lengthy rehabilitation process under the supervision of Nobuaki Kobayashi, the Rehabilitation Trustee. In a letter, the exchange clarified that the Trustee is preparing to reimburse rehabilitation claims with cryptocurrency, and creditors have the option to choose between receiving cryptocurrency or proceeds from the sale of cryptocurrency. Mt. Gox confirmed that no sales have been made at this time and assured that the Trustee is securely handling Bitcoin and Bitcoin Cash. The denials came in response to reports of significant Bitcoin and Bitcoin Cash movements, including the transfer of 141,686 BTC in the last seven hours to a newly created wallet called 1Jbez. This wallet now holds almost half of the $9.36 billion in Mt. Gox Bitcoin. It has also started distributing Bitcoin to other wallets.