Earlier today, $9.8 billion worth of bitcoin from various Mt. Gox wallets was consolidated into a single wallet without prior notification from the Mt. Gox Trustee, causing concern among creditors.

The Trustee has now issued a statement to clarify the situation, explaining the process outlined in the Rehabilitation Plan.

"Under the Rehabilitation Plan, the Rehabilitation Trustee is preparing to repay the portion of cryptocurrency rehabilitation claims allocated as cryptocurrency," the Trustee said. He explained that the bitcoin and bitcoin cash will be given to creditors either as cryptocurrency or converted to fiat money, based on the creditors' preferences.

The Trustee confirmed that no bitcoin or bitcoin cash has been sold for creditors requesting fiat currency payments.

"The Rehabilitation Trustee is securely managing the bitcoin and bitcoin cash. As we prepare for the repayments, please be patient until the payments are made," he stated.

Following the consolidation of $9.8 billion in bitcoin, approximately $400 million was transferred to new addresses, leaving the main wallet with around $9.4 billion. This represents about half of Mt. Gox's total bitcoin holdings, according to Arkham.

Former Mt. Gox CEO Mark Karpeles reassured creditors that the recent bitcoin movements are part of the distribution process.

"As far as I know, everything is fine with Mt. Gox," Karpeles said on X. "The trustee is moving coins to a different wallet in preparation for the distribution likely to happen this year. There is no imminent sale of bitcoins."

In September 2023, the Mt. Gox Trustee announced a repayment deadline extension to October 31, 2024. All payments are scheduled to be distributed by this date, although the deadline has been postponed multiple times. The bankruptcy process includes payouts in a mix of fiat currency, bitcoin, and bitcoin cash. While fiat currency payments have started, no bitcoin or bitcoin cash payments have been made yet.