Eric Wall, former CIO of Oslo-based cryptocurrency investment firm Arcane Assets AS, responded to recent rumors that Nobuaki Kobayashi, the Mt. $137,000BTC on Sunday (August 28).
As you can imagine, this type of rumor did not help the crypto market and in particular, the price of bitcoin, this weekend.
As Cointelegraph reported earlier today, “Mt. Gox imploded with hundreds of thousands of bitcoins nearly a decade ago” and “Following a lengthy legal process dealing with funds subsequently recovered from the exchange, appointed rehabilitation trustee Nobuaki Kobayashi announced on July 6 that he was “preparing to make repayments” to creditors.”
The report goes on to say that “in documentation from the time, Kobayashi gave ‘the end of August’ as the reference period in which certain initial payments could begin”:
“Following discussions with the court and in accordance with the rehabilitation plan, the rehabilitation agent plans to set the reference period for the transfer, etc. Restriction reference period from approximately the end of August this year until all or part of the refunds made as initial refunds are completed for safe and secure refunds.”
One of the people claiming today that 137,000 Mt. Gox bitcoins will be released on August 28 is cryptocurrency investor and analyst Miles Deutscher:
Well, a few hours later, Eric Wall, who claims to be one of Mt. Gox’s creditors, explained why bitcoin traders should ignore this rumor and block anyone spreading it on Twitter:
PSA: MtGox is *NOT* distributing any coins this week, or the next week, or the week after that.
Source: I’m a MtGox creditor. The repayment system is not live yet.
Next step: Go and block @TheAltcoinHub for spreading this misinfo.
— Eric Wall (also supports X 🏴) (@ercwl) August 27, 2022
Eric Wall continues:
“As things stand, you can’t even save where (which exchange) you want your BTC and BCH sent to yet. Payments will also be made in installments. Yes, some people have chosen to sell their rights to Fortress. No, there is no official calendar… Also: I don’t sell. Why ? I don’t know, the prices don’t seem very attractive to sell at the moment, I’d rather buy here than sell. Please provide links to major accounts spreading this misinformation…”
Of course, even if Deutscher is right and 137K bitcoins are returned to Mt Gox creditors. on August 28, this does not mean that the price of $BTC will immediately crash because of it, as crypto analyst Josh Rager explained today:
MT GOX release probably creating more fear than needed
140k BTC = $2.8B
BTC daily trade volume $20B to $30B
These BTC aren’t going to be all sold at once https://t.co/ZLBh0HVIgs
— Rager 📈 (@Rager) August 27, 2022