Founded in 2010, Mt. Gox was once responsible for 70% of the world’s Bitcoin transactions, but suffered a devastating hacker cyber attack in 2014, resulting in huge Bitcoin losses for the exchange and its customers.
The exchange reported that customers lost about 750,000 bitcoins and 100,000 bitcoins of its own funds. Although 200,000 bitcoins were later recovered, compensation for victims was delayed due to the complexity of Japanese law.
Following the Tokyo District Court’s approval of a repayment petition in 2018, the Mt. Gox trustee voted on a repayment plan in 2021. The vote was overwhelmingly approved, with 99% of creditors voting in favor of the plan.
The trustee has extended the repayment deadline to October 2024 (a move that is crucial for creditors who have been waiting for compensation for nearly a decade), and Mt. Gox will repay creditors 142,000 BTC, 143,000 BCH and 69 billion yen.
As the creditor repayment deadline approaches, Mt. Gox holds more than $9.5 billion worth of Bitcoin. All funds have been transferred from Mt Gox cold wallets to new wallets.
This caused quite a stir in the community, and after Mt. Gox began transferring tokens, the price of Bitcoin fell from a high of $70,500 to a low of around $68,000, a drop of about 2.5%.
While this could trigger a sell-off that would drive down the price of Bitcoin, my personal view is that most Bitcoin will be held for the time being, rather than sold immediately.
I will keep a close eye on how this develops!
Previous selections:
《RWA Project under BlackRock and Coinbase Investment Institutions (Potential and Opportunities)!》
《SEC approves Ethereum spot ETF, BlackRock's leading RWA project narrative! 》
"Trump promotes the US's position in the cryptocurrency field "for votes"! "
"Institutional capital is coming, Ethereum ETF will be listed! (Weekly)"
Note: All content represents the author's personal views only, is not investment advice, and should not be construed in any way as tax, accounting, legal, business, financial or regulatory advice. Before making any investment decision, you should seek independent legal and financial advice, including advice on tax consequences.
Join the Kepler community to get the latest market information and market strategies:
#MtGox钱包动态 #ETH #BTC走势分析 $BTC
