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$140 Million in Bitcoin Sold from Mt. Gox Wallet This Week

April 29, 2018
$140 Million in Bitcoin Sold from Mt. Gox Wallet This Week

$140 Million in Bitcoin Sold from Mt. Gox Wallet

16,000 BTC of the bankrupt crypto exchange, Mt. Gox, have reportedly been sold this week. The news shook the crypto world, and many have speculated that this is why Bitcoin prices fell below the 9,000 mark, on Wednesday.

This has also indicated that the trustee of the estate is preparing to liquidate more coins to compensate the company’s creditors. The value of these 16,000 coins is estimated to be around $21 million.

On the other hand, creditors have filed a petition for the company to come out of bankruptcy and move into civil rehabilitation. This move might allow them to be compensated directly via Bitcoins. According to reports, these creditors are owed around $480/BTC, which is barely the rate at which this cryptocurrency was traded when the company entered bankruptcy.

The CEO of MT. Gox, Mark Karpeles has also stated in a post on Reddit that he is on the creditor’s side. He wants the rest of the funds to be transferred to them after moving into civil rehabilitation.