Mt. Gox Bitcoin Repayments Likely Disabling Half Inflows into Bitcoin ETFs
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“Everyone is like ‘but how do we know they are going to sell their btc’ Which is a fair point. Still tho I was more just commenting on just how big $9b is. That’s a lot of money,” Balchunas said.
Defunct cryptocurrency exchange Mt. Gox has announced plans to commence the distribution of assets stolen in a 2014 hack starting the first week of July, marking a significant milestone after years of delays. Following Mt. Gox’s announcement, Bitcoin prices experienced a slight dip, dropping from over $62,300 to under $61,600.
Trustee Nobuaki Kobayashi confirmed the Mt. Gox Bitcoin repayments, said it as a step towards repaying creditors, though specific repayment timelines were not disclosed initially.
Mt. Gox, once the dominant player in the cryptocurrency market, fell victim to a massive cyber attack in early 2014, losing approximately 740,000 Bitcoin valued at $15 billion today. The upcoming Mt. Gox Bitcoin repayment involves 141,686 Bitcoin currently held by Mt. Gox, which is worth over $9 billion. Early investors and creditors, some waiting for over a decade, are expected to receive compensation, potentially adding selling pressure to Bitcoin markets as these assets enter circulation.
The exchange’s rehabilitation has been closely monitored by the cryptocurrency community, with periodic updates on the claims system and completion dates for repayments. In May, Mt. Gox transferred at least $2.9 billion in Bitcoin for the first time in five years.
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