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Former Mt. Gox CEO Breaks Silence on 141,686 Bitcoin Refund
Gamza Khanzadaev
Former Mt. Gox CEO Mark Karpeles Speaks Out as 141,686 Bitcoin Redemption Begins
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Former Mt. Gox CEO Mark Karpeles has broken his silence following the infamously bankrupt exchange’s initiation of a 141,686 BTC refund.
On July 5, 2024, Mt. Gox, which has been under scrutiny since its collapse in 2014, made a significant transfer of 47,229 BTC, valued at $2.71 billion, according to Arkham Intelligence. This transfer included subsequent movements to and from multiple wallets, causing fear and uncertainty in the community.
In response to these events, Mark Karpeles, former CEO of Mt. Gox, expressed relief that customers were finally getting their Bitcoin 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 over 850,000 BTC, including customer funds.
The news triggered significant reactions on the market, with the price of BTC dropping below $54,000 and Ethereal surpassing $2,900. Many have attributed the market decline to expectations of increased selling pressure from the influx of cryptocurrency distributed by Mt. Gox.
BTC to USD via CoinMarketCap
Arkham Intelligence also revealed that another 1,545 BTC, worth nearly $85 million, were withdrawn from this wallet and transferred to a Bitbank account, a platform chosen by Mt. Gox management for payments. This development coincided with previous announcements that the exchange would begin refunding users in Bitcoin and Bitcoin Cash (BCH) in July 2024.
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated with a degree in finance and credit with a focus on securities and financial derivatives. He then completed a master’s degree in banking and asset management.
He wants to contribute to the discussion of economic and fintech topics, as well as inform more people about cryptocurrencies and blockchain.