The Mt. Gox exchange platform, a victim of a historic hack in 2014, has just announced a one-year extension of the deadline for reimbursing its creditors. This surprise announcement shakes the market: on one hand, it alleviates fears of a massive Bitcoin sell-off, while on the other, it rekindles anxiety among the victims. Will the creditors ever see their money again?
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The collapse of Mt. Gox in 2014 marked a significant moment in the history of cryptocurrencies. Ten years later, creditors are still awaiting their reimbursements. Mt. Gox holds 90,000 bitcoins, valued at around 6 billion dollars. This situation raises questions about the potential impact of liquidating these assets on the Bitcoin market.
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It is a great sigh of relief for the creditors of the former cryptocurrency exchange platform Mt. Gox! The saga of this fallen exchange finally takes a major turn. After years of waiting and complex procedures, the platform finally proceeds with the repayment of its clients. News that delights creditors, but the repercussions on the crypto market are disastrous.
Bitcoin was born in one of the most tumultuous financial contexts the United States, indeed the whole world, has ever known. From 2007 to 2009, with the subprime crisis, a feeling of mistrust towards governments and banks gripped the population, leading them to question the entire monetary system.
Creditors of the former Mt. Gox exchange platform are set to receive their refunds in Bitcoin as early as July. According to JPMorgan, these distributions could lead to significant sales in the market, putting short-term pressure on the price of BTC and other cryptos.
Bearish pressure is expected in the coming months/weeks and this anticipation is already weighing on bitcoin.
Despite Mt. Gox transferring 10 billion in bitcoins, CryptoQuant claims that there is no immediate selling pressure.
Ten years after its bankruptcy, Mt. Gox's creditors will finally receive their bitcoins.
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Wait over! Crypto exchange Mt. Gox finally reimburses its creditors and releases the funds locked for 10 years. Details here!