On 15 January 2021 Bloomberg News reported CoinLab Inc. had made an agreement with Nobuaki Kobayashi, the trustee to the Mt. Gox bankruptcy, and the Mt. Gox Investment Fund LP (MGIFLP), a unit of Fortress Investment Group. As much as 90% of the remaining Bitcoin tied up in bankruptcy proceedings would be offered to creditors.

$BTC UPDATES 2

My Explanations: Bitcoin was trading between 65k to 67k in last month before experiencing the shocking downtrend after the announcement of Mt.gox about repayment of customers in early July.

Mt. Gox was once the world’s top crypto exchange, handling over 70% of all bitcoin transactions in its early years. In early 2014, hackers attacked the exchange, resulting in the loss of an estimated 740,000 bitcoin ($14 billion at current prices). The hack was the biggest of the many attacks on the exchange in the years 2010-13.

Mt.gox in last year received a deadline day from a Tokyo Court to
repay customers before October this year.

In May, the exchange moved over 140,000 BTC, worth around $9 billion, from cold wallets to an unknown address in 13 transactions for the first time, marking the first on-chain wallet movements for the first time in five years and Bitcoin prices dropped from over $62,300 in early Asian hours to under $62,100 in the minutes following the release of Mt. Gox’s statement.

Now if mt.gox have to repay over 120,000 creditors before the deadline in October this year according to the court order, then it means they have about 500,000+ worth Bitcoins in able to make this possible ..

The question is do they have soo and how is it possible?

Follow for the next.....