How Could a Mt. Gox Bitcoin Sell-Off Affect BTC Price?
Victims of cryptocurrency exchange Mt. Gox are getting closer and closer to receiving compensation after the one-time prominent exchange collapsed almost a decade ago.
Screenshots of emails are circulating around social media suggesting that victims will be receiving repayment in BTC/BTH.
Mt. Gox Victims Set to Receive Repayment After Almost a Decade
Mt. Gox collapsed in 2014 after it lost almost 750,000 customers’ BTC and 100,000 of its own BTC.
At the time of the collapse, the total 850,000 Bitcoin was worth approximately $272 million. However, at the time of publication, that same amount of Bitcoin is worth $33.9 billion.
The crypto exchange’s former CEO, Mark Karpeles, was charged with embezzlement and aggravated breach of trust. However, he was found not guilty on most charges.
The email circulating on X (formerly Twitter), suggests that victims will soon finally see repayment of their digital assets. These digital assets were lost almost a decade ago.
“In future, it is anticipated that the Exchange will accept your subscription of agency receipt indicated on the System to receive repayment in BTC/BCH as your agent.”
Meanwhile, another user on X reiterated to his 50,200 followers that the “BTC distribution is expected to hit the market over the next 2 months, 200K BTC unlock.”
Many are speculating about its impact on Bitcoin’s price. On a positive note, it is reinforcing the overall regulatory position for crypto.
The Mt. Gox hack stands out as one of the initial and major attacks on a crypto exchange. It occurred at a time when crypto had not yet gained mainstream recognition through major sporting events and television ads.
It only further hindered crypto’s reputation amongst the general public.
Read more: Bitcoin Price Prediction 2024/2025/2030
Amid FTX Proceedings, Clarity Emerges on Mt. Gox Situation
Considering the swift and regulated response to the collapse of the FTX crypto exchange, it could potentially be a positive sign. Especially, for those worried about hacks and malicious attacks on exchanges.
This situation shows that victims are eventually able to get their crypto assets back in unfortunate situations like this.
When Mt. Gox collapsed in 2014, Bitcoin was trading at approximately $320 USD.
However, at the time of publication, Bitcoin’s price is $39,908.
Meanwhile, if Mt. Gox victims were to mass-sell off their assets upon receiving them, then that could impact Bitcoin’s price.
Read more: How To Prepare for a Bitcoin ETF: A Step-by-Step Approach
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
