Despite having declared bankruptcy and leaving the exchange activity, the ghost of Mt Gox still has the power to mark the value of Bitcoin. Mt Gox, pending settlement by the government of Japan, provided powers to an external manager to minimize investor losses. The actions of the said manager during December of 2017 and January of 2018, selling large quantities of Bitcoins in lots, have apparently caused falls in the value of the Bitcoin price each time he acted.
In the period between November 29, 2017, and March 6, 2018, the bankruptcy supervisor, with the authorization of the Tokyo Court, sold the following amounts of BTC and BCC in batches:
35.841,00701 BTC (361.971.333 USD)
34.008,00701 BCC (45.035.576 USD)
TOTAL 407.006.909 USD
Where these coins come from
The most relevant aspect of this process is that the BTC sold in batches during that period correspond effectively to Mt Gox wallets, but wallets whose BTC come from mined in 2010, which were “HOLD” until 2014:
Considering that the cessation of activity of Mt Gox was in February 2014, and that these funds were moved in June 2014 (supposedly by the authorities of Japan for their control), it is deduced that Karpeles had a quite relevant amount of Bitcoins mined in 2010 and that, the funds declared as bankrupt, are only depositary values speculated by the investors (gains for the increase in value).
What’s left in Mt Gox
The amount of cryptocurrencies incorporated into the bankruptcy process on March 5, 2018:
The investigations have not yet finished, any other bitcoin that is found will be incorporated into these quantities. BCCs derived from BTCs are also considered as assets within the bankruptcy process. At the moment in supervisor has not been pronounced in relation to the BTG. It is not known if these currencies will return to the market as sales or finally, they will be distributed among the creditors requesting bitcoins, since it is necessary to remember, that some creditors only recover their funds in Fiat (balance that has already been reached with the sale of lots) and bitcoins.
The process continues, and the market is waiting for its resolution
To date, the bankruptcy supervisor has accepted a total of 24,750 claims for a total of 429,792,317 USD. However, 7 claims are still pending before the Tokyo Court.
There are a number of companies that have also filed different claims within the bankruptcy process (CoinLab Inc., which claims $ 81,733,210 and TIBANNE Co., Ltd., which claims $ 41,843,202). Both claims are still in the processing phase and it remains to be seen if they finally join the bankruptcy process in the same position as the other affected users.
In addition, it is still trying to find out the whereabouts of the bitcoins stolen from MtGox. This work has long been delegated to Deloitte Touche Tohmatsu LLC, ReEx Accounting Firm, and Payward.
In relation to the arrest Alexander Vinnik -ECO of BTC-e- is still pending the request for extradition presented by the United States Department of Justice before the Greek courts. In this sense, the bankruptcy supervisor has already contacted the US Department of Justice to appear as a party through a US law firm. The latest information suggests that it is likely that the ghost company Always Efficient LLP, owner of BTC-e and based in London, may be linked to the 650,000 BTC extracted from MtGox.