Former Mt. Gox CEO Speaks Out on 141,686 Bitcoin Repayment

Former Mt. Gox CEO Mark Karpeles has finally spoken out following the initiation of a refund process involving 141,686 BTC from the notorious bankrupt exchange.

On July 5, 2024, Mt. Gox, which has faced scrutiny since its collapse in 2014, executed a significant transfer of 47,229 BTC, amounting to approximately $2.71 billion, as reported by Arkham Intelligence. This transaction led to subsequent movements to and from various wallets, raising concerns within the cryptocurrency community.

In light of these developments, Karpeles expressed his relief that customers are now starting to receive their funds after more than a decade of uncertainty.

Karpeles, who managed the exchange during its tumultuous rise and fall, encountered legal challenges following the collapse, which resulted in the loss of over 850,000 BTC, including customer assets.

The news stirred considerable market reactions, with Bitcoin’s price dropping below $54,000, while Bitcoin Cash rose above $2,900. Many in the market attributed the decline to fears of increased selling pressure from the distribution of cryptocurrency by Mt. Gox.

Arkham Intelligence also reported that an additional 1,545 BTC, valued at nearly $85 million, was withdrawn from a wallet to a Bitbank account, a platform selected by Mt. Gox management for making payments. This movement coincided with prior announcements that the exchange would begin refunding users in Bitcoin and Bitcoin Cash in July 2024.