Ten years after its bankruptcy, the creditors of the Mt. Gox exchange will finally receive their bitcoins.
A refund before October 31
Mt. Gox transferred all of its 141,684 BTC (~$10 billion) to three new addresses. This is the first movement of bitcoins in over 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. It has been bankrupt since 2014 after losing hundreds of thousands of bitcoins in a hack. A decade later, its clients are still waiting to receive part of their funds.
Former CEO of Mt. Gox Mark Karpeles does not anticipate bearish pressure:
“The fund administrator is transferring bitcoins to another wallet in preparation for distribution which will likely take place this year, but no imminent sale of bitcoins in sight. »
Others like @constructdisrupt believe that things could quickly settle down:
“I think it's coming soon. […] I was already reimbursed for the cash part at the beginning of the month, so I don't see why the BTC part should delay. »
And while bitcoin looked set to mark a new all-time high, the old sea serpent Mt. Gox broke the recent bullish momentum. Coincidence of the calendar or “FUD” orchestrated on purpose?…
Indeed, 9.5 billion is not a small amount. That's almost as much as the $12 billion that ETFs have absorbed since January 11…
However, it is unlikely that we will see massive sales on the big day. Early bitcoiners harmed by Mt. Gox have indeed had plenty of time to accumulate bitcoins again. It is therefore a safe bet that they will not sell their bitcoins.
On the other hand, we should certainly expect that the 143,000 BCH ($66 million) will be exchanged immediately for bitcoins…
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