In 2014, Japanese cryptocurrency exchange Mt. A suspicious attack on Gox resulted in the loss of around 850,000 Bitcoins. According to the information received, some of the BTC belonging to the investors will start to be given to the creditors. Here are the details…
Mt. Gox users’ Bitcoin assets will be returned
According to sources, Mt. Gox trustees announced that they are preparing to pay back some of the Bitcoins. This process will continue to realize the “repair/rehabilitation plans” agreed in 2021. Dealers think this may increase the market’s selling price. An “early lump sum” was even offered to creditors by the firm’s board of trustees to cover debts. Creditors can now accept or reject this offer. Experts warn that some creditors may reject the offer, hoping that more money can be recovered in the future.
However, Mt. Gox believes investors will accept the offer. Because when the stock market was hacked and BTCs were stolen, one BTC was equivalent to $ 200. The delegation will also not be able to pay all of the stolen funds at the moment, but will pay 140,000 coins of it. According to many, creditors will have to choose the early repayment option to feed the FUD surrounding the Bitcoin price. This will result in BTC being paid out. The order books of the open market may be affected by this. Creditors will have two options to recoup losses. The first step is to get paid in local currency. This will be a mix of Yen, BCH or Bitcoin. Allowing the trustees to liquidate digital assets would be the second alternative.
Will BTCs affect the market?
However, for the put option to be supported, all creditors must opt for the early redemption option. Still, Mt. Gox did not get back all 850 thousand Bitcoins. About 140 thousand of the stolen BTCs were found. According to the data, 140,000 Bitcoins represent only 8 percent of the total daily trading volume. According to statistics, this seems like an insignificant amount compared to the market. Meanwhile, BTC is currently changing hands at $21,158, down 0.8 percent. As we have reported as Kriptokoin.com, the cryptocurrency experienced a sharp drop on Friday, losing $21,000. However, at the beginning of last week, it was pushing the $25,000 levels.
It is stated that macroeconomic factors are behind this situation. In the long run, Mt. Time will tell if Gox creditors buy their BTC and then sell and lower the value of the coin even more. On the other hand, cryptocurrencies such as ETH, ADA, BNB, DOGE, SOL also face a 3-4 percent depreciation. The total crypto market value has dropped 0.5 percent in the last 24 hours and is very close to falling below the $1 trillion threshold.
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