The bankrupt company Mt.Gox is preparing to distribute more than 140,000 Bitcoin: here are the expected effects!
Mt.Gox's trustees have announced the start of Bitcoin (BTC) and Bitcoin Cash (BCH) payments to affected investors, according to a report from Bloomberg (BBG).
This announcement represents an important step towards the redistribution of digital assets that have been locked away since the famous hack in 2011.
Mt.Gox, which was considered the world's largest Bitcoin trading platform at the time, suffered a major hack that led to the loss of more than 700,000 Bitcoins, resulting in its closure.
Since then, the process of compensating investors has faced significant legal and administrative challenges, but the commencement of repayments now represents a fundamental shift in this ongoing issue.
The reallocation of BTC and BCH tokens is expected to have a noticeable impact on the market.
The release of this large amount of Bitcoin may lead to increased selling pressure on the market, which may affect the price of Bitcoin, which is currently suffering from fluctuations and attempts to maintain its critical price levels.
According to Nobuaki Kobayashi, the custodian of Mt.Gox assets, the repayment process will begin in early July 2024.
Kobayashi explained that the rehabilitation plan stipulates that payment be made in Bitcoin and Bitcoin Cash, and that the payment schedule has been precisely determined.
Payments will be made in coordination with several cryptocurrency exchange platforms, where the basic data will be verified and completed before funds are distributed.
Kobayashi emphasized that the group has made great efforts to ensure that the payment process is safe and reliable.
These efforts have included developing advanced technological solutions for secure transactions that are in line with each country's financial laws, in addition to cooperating with cryptocurrency trading platforms to arrange payment terms.
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