Mt Gox is ready to pay some of its users.
Mt Gox, the once iconic Bitcoin exchange, has suddenly risen from the dead and is now ready to repay its creditors a total sum of 137,000 BTC. But when is the release date of Mt Gox Bitcoin?
Mt Gox, a Japanese Bitcoin exchange, has a fascinating history full of hacks, lies, and scams.
The exchange handled almost 70% of the total BTC trade at the time of its hack.
Here, he abruptly suspended his withdrawals, leaving behind a wave of controversy. Let’s take a look at this final chapter in the history of Mt Gox Bitcoin hacks.
When is the payment of Mt Gox Bitcoin?
Mt Gox has not yet mentioned an official Bitcoin payment date, but the latest letter on refunds states that rehabilitation trustee Nobuaki Kobayashi “is currently preparing to make refunds.”
Some reports suggest that creditors could receive payments from August 2021.
The exchange continues to move closer to the repayment of creditors. In the above letter, he instructed them to register via an online registration portal. The exchange also asked its creditors if they would like to receive payments in Bitcoin or Bitcoin Cash.
An estimated 137,000 BTC ($2.74 billion) will be released during this period. This is still a huge reduction in the 850,000 BTC initially lost during the hack.
Mt Gox Bitcoin Dump sees concerns about BTC price
Several cryptocurrency analysts and critics have expressed concern about the release of Mt Gox Bitcoin, saying that a potential dump could severely damage the price of BTC.
Due to the random timing of the event that is in sync with the switch to Ethereum staking via Ethereum 2.0, others have touted a potential flippening event. This would see Ethereum’s market cap overtake Bitcoin.
Bitcoin has fallen due to bear market pressure hovering around $19,000-$20,000 in recent months.
However, Binance CEO CZ dismissed these claims in a tweet that has since been deleted. He referred to the fact that those who receive the hacked Bitcoin will have been in space since 2014. “Ask yourself, if you’ve been into crypto and had BTC since 2014, will you be in a hurry to sell now?” he said. “New carpenters vs OG mentality.”