On Saturday (August 27), Eric Wall, a former CIO at Oslo-based crypto investment firm Arcane Assets AS, addressed recent rumors about Mt. Gox rehabilitation trustee Nobuaki Kobayashi being ready to distribute 137,000 $BTC on Sunday (August 28).
As you can imagine, this type of rumor floating around has not helped the crypto market (which was already damaged by the body blow delivered on Friday by Fed Chair Jerome Powell) and in particular, the Bitcoin price, this weekend.
As Cointelegraph reported earlier today, “Mt. Gox imploded with hundreds of thousands of bitcoins almost ten years ago” and “following a lengthy legal procedure dealing with funds subsequently recovered from the exchange, the appointed rehabilitation trustee, Nobuaki Kobayashi, announced on July 6 that he was ‘preparing to make repayments’ to creditors.”
The report went on to say that “in documentation at the time, Kobayashi gave ‘the end of August’ as a reference period during which some initial payments might begin:
“Following discussions with the Court and in accordance with the Rehabilitation Plan, the Rehabilitation Trustee plans to set the Assignment, etc. Restriction Reference Period from approximately the end of August this year until all or part of the repayments made as initial repayments is completed for safe and secure Repayments.“
One of the people saying today that 137,000 Mt. Gox bitcoins are being released on August 28 was cryptocurrency Investor and analyst Miles Deutscher, who joined Crypto Banter back on July 21:
Well, a few hours later, Eric Wall, who claims to be one of the Mt. Gox creditors, explained why Bitcoin traders should be ignoring this rumor and blocking all those on Twitter who are spreading it:
Wall went on to say:
“As it currently stands, you can’t even register where (which exchange) you want your BTC & BCH sent yet. Payouts will also occur in tranches. Yes, some people opted to sell their claim to Fortress. No, there is no official timeline… Also: I’m not selling. Why? Idk prices don’t seem very attractive to sell at right now, I’d rather be buying here than selling. Please provide links to big accounts who are spreading this misinfo…“
Of course, even if Deutscher is correct and 137K bitcoins are given back to the Mt Gox. creditors on August 28, it does not mean that the $BTC price will immediately crash because of this, as crypto anayst Josh Rager explained today:
Featured Image via Pixabay