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Former chief executive officer at the early Bitcoin exchange Mt.Gox which collapsed in 2014, Mark Karpeles, has clarified the recently spotted massive BTC transactions from a Mt.Gox blockchain wallet.

A recent official announcement from the exchange also stated that no direct repayments of either Bitcoin or Bitcoin Cash have been yet made to the creditors through designated crypto exchanges. The statement also says that no crypto has been yet sold to make those repayments from the proceeds. “The Rehabilitation Trustee is currently managing Bitcoin and Bitcoin Cash in a secure manner,” according to the tweet by the Chinese crypto journalist Colin Wu who quoted the statement made by Mt.Gox.

Mark Karpeles has also taken to the X platform to confirm that the $5 billion in Bitcoin that has been moved from Mt.Gox to a new wallet were not preliminary steps to selling this crypto. In his X post, the former CEO of the battered crypto exchange said that the Rehabilitation Trustee is currently transferring Bitcoin to a different wallet” in preparation of the distribution that will likely happen this year.” He stressed that “there is no imminent sale of bitcoins happening” right now.

Earlier today, Bitcoin responded to these hefty BTC transactions from Mt.Gox by plummeting almost 4% and losing the recently recaptured $70,000 level. By the time of this writing, BTC has made a slight recovery and is changing hands at $68,467.