Our weekly roundup of news from East Asia curates the industry’s most important developments.
Mt. Gox won’t sell Bitcoin immediately
Mark Karpeles, the former CEO of defunct Japanese crypto exchange Mt. Gox, said that the firm will not dump its Bitcoin stake to repay creditors as of now: “As far as I know, everything is fine with Mt Gox. The trustee is moving coins to a different wallet in preparation for the distribution that will likely happen this year; there is no imminent sale of Bitcoins happening,” Karpeles wrote.
In a statement to Cointelegraph, Neil Roarty, analyst at investment platform Stocklytics, said that any potential flash sale by Mt. Gox could upset the current supply and demand dynamic:
“The more than 100,000 previously dormant Bitcoin thatMt.Gox’s trustees could imminently unleash on the market may swing the scales.”
“Remember, fewer than 20 million Bitcoins exist right now, but roughly a third of those haven’t been traded for more than five years. A further portion is believed lost forever; that could be anywhere from two to six million Bitcoin. Suddenly 100,000 looks like more than a drop in the ocean,” he added.
Mt. Gox was the biggest Bitcoin exchange in the world when it filed for bankruptcy in 2014 after discovering that 850,000 of its customers’ Bitcoin (BTC) had been stolen after years of subtle siphoning. The exchange has since recovered around 200,000 BTC.
The funds have been held in trust for the creditors, with 162,106 BTC ($11.38 billion) sitting in several wallet addresses tracked by Token Unlock. Creditors are due to be repaid later this year in a decade long bankruptcy proceeding.
Mt. Gox creditors protesting wait times for return of funds (X)
Hong Kong regulators to kick out all unlicensed exchanges by June 1
Hong Kong’s Securities & Futures Commission (SFC) will require all unlicensed virtual asset trading platforms (VATPs) to exit the…
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