2024-06-25
Mt. Gox was one of the earliest and
largest bitcoin exchanges, in 2023 Mt. Gox handling over 70% of all bitcoin
transactions.
However, it collapsed in 2014 after a
major hack in 2011 and multiple unnoticed hacks, resulting in the loss of
850,000 BTC. This affected about 24,000 creditors.
After a decade-long wait and multiple
delays, Mt. Gox is set to begin distributing $8.4 billion worth of bitcoin
(BTC) and bitcoin cash (BCH) to its creditors starting in July 2024.
The number of bitcoins to be
distributed are about 140,000 bitcoins, worth about $8.4 billion as of July 25,
2024.
The Rehabilitation Trustee, Nobuaki
Kobayashi, has confirmed that the consolidation is part of the exchange’s plans
to start repaying creditors.
Repayments will be starting
on July 2024.
However, this large influx of bitcoin
and bitcoin cash into the market could potentially lead to an increase in
selling pressure.
This is because early investors,
especially those who entered the market before 2013, may be tempted to sell
part of their holdings due to the significant increase in value since their
initial investment.
