The much-anticipated compensation work for Mt. Gox Mentougou has begun, and some creditors have successively received compensation. The handling of this "windfall" has become a topic of concern to the outside world.
More than half of creditors have been compensated, and there are still more than 140,000 Bitcoins to be distributed
"After more than ten years, I wasn't sure if this would actually happen, but we finally did it! It's been a long journey, and I'm happy to see that we're finally getting there, with just a little more to go..." Former Mt. Gox CEO Mark Karpelès wrote in an article earlier this month.
As we enter July, Mt. Gox has begun repaying creditors in the form of Bitcoin and $BCH. However, according to the custodian documents, the payment time of different crypto exchanges is different. Kraken's payment time may take 90 days, Bitstamp may take 60 days, BitGo will show payment within 20 days, and SBI VC Trade and Bitbank will show payment within 20 days. Payments are made within 14 days, so Mt. Gox creditors may have to wait up to three months to receive their Bitcoin or $BCH. According to a poll launched on Reddit, among these custodial exchanges, Kraken is the main choice of creditors, receiving 64.7% of the participants’ votes.
At present, some custodians have received compensation funds from creditors. For example, after Japanese crypto exchange Bitbank received the Bitcoin compensation, it transferred the Bitcoins paid by Mt. Creditor funds (Bitcoin and $BCH) from the Mt. Gox custodian. While Kraken will distribute these funds as quickly as possible, it is expected to take 7-14 days for funds to be credited to creditors. The amount creditors will receive is determined by the custodian, and Kraken will distribute according to its instructions.
According to a recent notice issued by Mt. Gox trustee Nobuaki Kobayashi, as of July 16, the trustee has paid back Bitcoin and $BCH to more than 13,000 creditors, which is more than half of the approximately 24,000 creditors previously revealed. CryptoQuant analyst Maartunn also recently published a document revealing that 36% of Mt. Gox’s Bitcoins have been distributed to creditors. As of July 17, the custodian still holds 140,000 Bitcoins, which will be gradually distributed in the future.
For other creditors who have not received compensation, Nobuaki Kobayashi also recently reminded that these creditors need to confirm the validity of the account, the exchange’s intention to accept the agreement, complete discussions between the custodian and the exchange, and confirm that repayment can be safely carried out.
Source: PANews A creditor reported on Reddit that there were unauthorized login attempts on the account.
However, many Mt. Gox creditors have reported that their accounts have experienced a large number of unauthorized login attempts recently. They disclosed in the Mt. Gox creditors subreddit "r/mtgoxinsolvency" on the Reddit platform the problems they encountered when logging in on the Mt. Gox website. , the screenshot shows a large number of unauthorized login attempts on their account. Some users worry that this may be a "brute force" attack on Mt. Gox's creditors, but others believe it may just be a website glitch. Following the incident, the Mt. Gox website has entered maintenance mode. The email read: "Thank you for your patience. Please check back later."
With high returns from passive lock-up, creditors discuss why to dispose of assets
As Mt. Gox’s compensation plan of up to $9 billion begins, the market is also worried about the inflow of huge amounts of Bitcoin. However, Ki Young Ju, founder of CryptoQuant, wrote that unlike the German government’s sale, Mt. Gox’s creditors were not forced to sell, so this is not pure seller liquidity. This distribution will not end the bullish trend as these Bitcoins are expected to react to market sentiment just like the existing supply. Judging from the recent rebound trend of Bitcoin, the Mt. Gox compensation incident did not have too much impact on the bullish trend of Bitcoin.
According to the "Cash or Crypto Payment" poll launched by Reddit, 69.3% of participants chose cryptocurrency payment. Since the price of Bitcoin has increased significantly compared with the time when Mt. Gox went bankrupt, the creditors' profits from passive lock-up can be said to be very considerable. How to deal with this compensation is a topic of great concern to the outside world.
"Will you tell your wife when you receive Bitcoin?" someone joked on the Reddit forum. Judging from the responses from many creditors, some are still holding on, some are worried about tax issues, and some have chosen to cash out to improve their lives.
In a poll initiated by a user on "What proportion of Bitcoins do you plan to sell after payment?", 56% of the participants chose not to sell (0%), 18.8% chose to sell 100%, and the remaining choices were to sell part. The reserved portion accounts for 25.5%.
Source: PANews
"The Mt. Gox bankruptcy case gave me some valuable lessons. One is not to sell Bitcoin easily, and the other is to be careful about the encrypted assets stored on the exchange." These creditors hope to get a greater rate of return, and some people even bluntly said that Bitcoin is A currency rather than a method of investment. This was also reflected in a poll, with more than half of the users choosing to continue holding Bitcoin.
Of course, many creditors choose to "take it easy" to buy houses, cars and other items. "As the payment is getting closer, I am getting more and more nervous. I hope to buy a beach house as soon as possible and go there for vacation." "I have begun to pay attention to Tesla and the house that I have been waiting for a few years."... And many creditors are struggling with the timing of the sale. "Trump supports cryptocurrency. Would it be better to wait until he is elected president of the United States before selling? ?”
For creditors who sell assets and need to pay crypto taxes, how to pay the tax is a thorny and costly issue, and it is also a question that appears frequently on Reddit. For example, “I am a resident of Germany and therefore do not have to pay capital gains tax on crypto assets held for more than a year, but I may soon move to a country that does. Should I sell my crypto assets now or continue? "Hold?", "Can I sell Bitcoins in the EU? After so long, I have no evidence to record the time when I obtained these Bitcoins."
In addition to this, some creditors left anxious messages because they had not yet received compensation, "Which exchanges have received funds, and which exchanges have remaining funds? Is there a list that can be announced?"
"When the price of Bitcoin reaches US$250,000, US$500,000, or US$1 million, will anyone regret selling too early?" Someone else left a message asking, how many stories of selling out will there be by then?
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
This article is reproduced with permission from: "PANews"
Original author: Nancy, PANews
