What Was Mt. Gox?
Mt. Gox was a Tokyo-based cryptocurrency exchange that operated between 2010 and 2014.
It was responsible for more than 70% of Bitcoin transactions at its peak.
Mt. Gox Hack
Mt. Gox was hacked in 2014, and thousands of Bitcoins were stolen.
The company filed for bankruptcy shortly after the hack.
Rehabilitation Plan
In late 2021, creditors and the Tokyo District Court reached an agreement on the Mt. Gox rehabilitation plan.
-This plan establishes a registration and compensation plan based on phases for different creditors.
Current FUD in Crypto Market
The recent repayment of Mt. Gox creditors has led to concerns about the potential impact on the crypto market. Some experts believe that the repayment could lead to a sell-off of Bitcoins, potentially causing a decline in the market.
However, others argue that the repayment is a positive development for the market, as it shows that creditors are being compensated for their losses.
Current Market Situation
The crypto market is currently experiencing a decline in prices, with Bitcoin falling below $40,000.
The market is experiencing a period of high volatility, with prices fluctuating rapidly.
The current situation is being attributed to a combination of factors, including the Mt. Gox repayment, the ongoing COVID-19 pandemic, and geopolitical tensions.
(Not a Financial advice . always DYOR)