Mt. Gox CEO Mark Karpeles Breaks Silence as Exchange Starts 141,686 BTC Refund

U.Today - Former Mt. Gox CEO Mark Karpeles has broken his silence following the start of a 141,686 BTC refund from the infamous bankrupt exchange.

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

On July 5, 2024, Mt. Gox, which has been under the spotlight ever since its 2014 collapse, made a large transfer of 47,229 BTC, valued at $2.71 billion at the time, as reported by Arkham Intelligence. The transfer involved subsequent movements to and from various wallets, sparking 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 receiving their Bitcoin after more than a decade of waiting.

Karpeles, who was at the helm of the exchange during its rise and fall, faced legal troubles after the exchange failed in 2014, with over 850,000 BTC, including customer funds, being lost in the process.

The news had a significant impact on the market, with BTC dropping below $54,000 and Ethereum rising above $2,900. Many attributed the market downturn to expectations of increased selling pressure from the large amount of cryptocurrency being distributed by Mt. Gox.

According to Arkham Intelligence, an additional 1,545 BTC, valued at around $85 million, was withdrawn from this wallet to a Bitbank account, a platform that was selected by Mt. Gox management for payments. This development follows earlier announcements that the exchange would begin refunding users in Bitcoin and Bitcoin Cash (BCH) in July 2024.

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