How Will the $9 Billion Mt Gox Earthquake in Bitcoin Affect the Market? Here Are Two Expert Opinions
The Bitcoin and cryptocurrency market is a big Mt. Gox is preparing for the earthquake. So will users sell their assets?
After a decade of waiting and a 10,000% price increase, the collapsed Japanese Bitcoin exchange Mt. Gox's creditors are finally getting ready to collect what they are owed. The exchange, which filed for bankruptcy in 2014 following a major hacking attack, is ready to repay creditors who have been handsomely rewarded for their patience.
In 2011, some 950,000 Bitcoins were lost in a hack that saw BTC trading well below its current value. Approximately 140,000 of these coins have been recovered, and at today's prices, this means approximately $9 billion worth of BTC will be returned to its rightful owners.
Plaintiffs include Mt. Gregory Greene of Illinois also filed a class-action lawsuit against Gox and its former CEO. At that time, Greene had $25,000 worth of Bitcoin in her frozen account. With the value of Bitcoin rising from around $600 today to over $60,000, Greene's stash of losses would be worth about $2.5 million, a gain of 10,000%. However, the exact amount he will receive from the payments, which are expected to begin in July, remains unclear.
Cryptocurrency lending firm Ledn's Chief Investment Officer John Glover said creditors are about to receive a historic windfall. “Many of them will obviously withdraw their money and enjoy the fact that their assets trapped in the Mt. Gox bankruptcy were the best investment they ever made,” Glover said in a statement.
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