Wednesday, May 29, 2024 ▪
3
min reading ▪ acc
Ten years after its collapse, creditors of the Mt.Gox exchange will finally receive their bitcoins.
Refunds until October 31st
Mt. Gox transferred all of its 141,684 BTC (~$10 billion) to three new addresses. This is the first movement of bitcoins in more than five years, suggesting that the redistribution of bitcoins may finally begin.
As a reminder, Mt. Gox was once the largest bitcoin exchange in the world. Since 2014, it has gone bankrupt after losing hundreds of thousands of bitcoins in a hack. Ten years later, her clients are still waiting to receive some of their funds.
Former CEO of Mt. Gox Mark Karpeles does not anticipate downward pressure:
“The fund manager is transferring bitcoins to another wallet in preparation for a distribution that will likely take place this year, but no immediate sale of bitcoins in sight. »
Others like @constructdisrupt believe things could settle down quickly:
“I think it will come soon. (…) The cash part was already paid to me at the beginning of the month, so I see no reason why the BTC part should be delayed. »
And while Bitcoin seemed set to hit a new all-time high, the old sea serpent Mt. Gox broke the recent uptrend. Coincidence of the calendar or “FUD” orchestrated on purpose?…
9.5 billion is really not enough. That’s nearly as much as the $12 billion ETFs have absorbed since Jan. 11…
However, it is unlikely that we will see massive selling on the big day Early Bitcoiners damaged by Mt. Gox, they really had plenty of time to re-accumulate bitcoins. So it’s a safe bet that they won’t sell their bitcoins.
On the other hand, we should definitely expect 143,000 BCH ($66 million) to be immediately exchanged for Bitcoin…
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DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.