Eight years after the biggest cryptocurrency heists ever, investors are on the verge of getting some of their tokens back. However, when that will happen is still unclear. According to a claim in various news sources today, Mt. Gox will start the distribution of 140,000 Bitcoins tomorrow. There is, however, the sign that this is no more than a mere claim.
Mt. Gox distributes Bitcoins (BTC)?
Once a dominant Bitcoin exchange, Mt. Gox lost 850,000 BTC after fraudulent withdrawals. As you know from Kriptokoin.com, this large-scale robbery caused him to file for bankruptcy in 2014. The heist led to users’ efforts to reveal who had taken the digital currency. It also caused them to file a civil lawsuit to recover 200,000 Bitcoins on the exchange.
According to a plan approved by creditors, the trustees managing the redistribution of assets said last month that the repayment of Bitcoins is imminent. The statement stated that payments to victims will be made in Bitcoin (BTC), Bitcoin Cash (BCH) or fiat. However, it remains unclear when the payments will be made. This has the potential to affect the market in case of rumors. Because Mt. There is a possibility that BTCs will be sold on exchanges after Gox’s Bitcoin distribution. This can naturally lower the price of Bitcoin.
MT GOX release probably creating more fear than needed
140k BTC = $2.8B
BTC daily trade volume $20B to $30B
These BTC aren't going to be all sold at once https://t.co/ZLBh0HVIgs
— Rager (@Rager) August 27, 2022
On the other hand, such claims are likely to be made in order to create a FUD in the market. Therefore, the identity of the source of the claim becomes important. Especially on platforms such as Reddit, it is necessary to pay attention to the news of unproven identities. As a matter of fact, statements by the victims came after the allegations. According to these statements, it has become clear that the claims that Bitcoin distribution will be tomorrow are a FUD. A user who made a statement on the subject on Reddit stated that he is a creditor from Mt.
Has the Bitcoin price reacted to these claims?
Meanwhile, BTC tumbled to $19,766 on Bitstamp, following new six-week lows. Weak weekend liquidity, Mt. Gox funds, which reacted badly to unconfirmed rumors that the funds would be released to creditors on August 28 worsened the already tense markets.
The allegations were very diverse at the time of writing. Some suggested that a tranche of 140,000 BTC would be released in one go. Others claimed that the funds would be sent piecemeal. However, he was focused on the fact that the payments would still start this weekend. However, popular crypto analyst Michaël van de Poppe said, “Potentially Mt. Fear about the release of Gox Bitcoins is unfounded.”
Mt. What is Gox?
Mt. Gox was a Tokyo-based cryptocurrency trading platform that operated from 2010 to 2014. At the peak of its operations, the platform was responsible for 70% of BTC’s trading volumes.
In February 2014, Mt. Gox suffered an attack that saw 740,000 Bitcoins (BTC) stolen from his clients and 100,000 Bitcoins (BTC) from the company itself. It later declared bankruptcy, claiming $64 million in damages. More than 800,000 stolen Bitcoins were worth $460 million at the time.
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