“The Slow Explosive Bomb” Mt. Gox has actually been activated when the first coins will be paid to some creditors on 10/03/2023. So how many BTC will be “unlocked” in this batch?
Like Kyptos reported in February that the two largest creditors of Mt. Gox chooses to receive compensation in Bitcoin. They have the choice to start receiving early on March 10 or continue to wait to be paid with a possible higher value in the distant future.
And this is just first batchthere will be subsequent payments.
As the deadline draws nearer, CoinDesk reported that the two largest creditors have chosen Early pick up starts on 10/03 with deadlines for Mt. Gox completed this payment on September 30.
This news is one of the reasons that have worried the community in recent days, along with the instability of Silvergate that directly pushed the Bitcoin price down to $21,971, the market “bleeded” on the morning of March 3. .
An equally important piece of information is that the creditor Mt. How much BTC will Gox receive on March 10? Because this amount of crypto is very likely to create selling pressure on the market if creditors decide to sell it all to get cash.
Unfortunately, we do not have information on the exact number of this payment.
According to the balance sheet, the trustee of Mt. Gox currently holds 142,000 BTC, 143,000 BCH, and 69 billion Japanese yen ($510 million). As such, the upcoming payment will be among these assets.
It is also worth noting that the two largest creditors, the now-closed crypto exchange Bitcoinica and investment fund MtGox (MGIF), account for about a fifth of the exchange’s claims. And it’s also unclear how many creditors choose to get paid early.
One of the other creditors of Mt. Gox is Blockstream CEO Adam Back shared:
“Well, for myself, whatever I get back from Mt. Gox is now like a profit after years of keeping coins in cold wallets.
The incident with Mt. Gox has lasted more years than we could have expected. And so, I’m sure any creditor would welcome the receipt of this money.”
With the price of BTC at the time the floor was hacked in 2014 was between 300 and 500 USD, the fact that Mt. Gox refunding investors has long been seen as a “slow bomb” for the cryptocurrency market, as the current BTC value is dozens of times what it was then. Creditors will also most likely not hold coins after receiving them back because the process of their legal fight with the exchange has also taken up to 9 long years.
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