tl;dr
Mt. Gox, infamous for its hack over a decade ago, has begun repaying users, sparking hope but also raising concerns about its impact on the cryptocurrency market. While some users are satisfied with the repayment process, challenges persist, including failed transfers and extended deadlines. The tru...
Mt. Gox, infamous for its hack over a decade ago, has begun repaying users, sparking hope but also raising concerns about its impact on the cryptocurrency market. While some users are satisfied with the repayment process, challenges persist, including failed transfers and extended deadlines.
The trustee's updates on redemption progress have provided transparency, but worries remain about incurred fees and the potential impact on BTC and Bitcoin Cash prices. The release of 200,000 BTC and Mt. Gox's holdings of 143,000 BCH and 69 billion Japanese yen add further complexity, with users being paid in USDC stablecoin and the potential selling of received tokens expected to influence the market. The timing of repayment and users' strategies in holding or selling BTC and Bitcoin Cash are crucial in determining the long-term effects on cryptocurrency prices.
Bitcoin exchange Mt. Gox has reportedly begun repaying its users, providing a glimmer of hope for those affected by the exchange's infamous hack over a decade ago.
MT. GOX USERS RECEIVE PAYMENTS, BUT CHALLENGES PERSIST
Users of the social media site Reddit have reported receiving payments from Mt. Gox, as the trustee added specific amounts and completion dates to their claim accounts. While some users expressed satisfaction with the repayment process and the absence of fees, others faced challenges such as failed transfers and extended deadlines.
As seen in the image below, the trustee has been regularly updating the redemption tables to provide transparency on progress. However, users and customers of the defunct exchange remain concerned about the fees incurred during the redemption process.
200,000 BTC TO BE RELEASE AND BITCOIN PRICE OUTLOOK
With over 10 years passing since the hack that resulted in the loss of 809,000 BTC, the release of 200,000 BTC to users could potentially impact the cryptocurrency's price. Additionally, Mt. Gox still holds 143,000 BCH and 69 billion Japanese yen, adding further complexity to the situation. The potential selling of the received BTC by users waiting for their funds for years might dampen Bitcoin's bullish sentiment and the ongoing price recovery.
While the amount of cash refunded has not been disclosed, it has come to light that users are being paid in Circle's USDC stablecoin. This leaves Mt. Gox users who requested to be paid in BTC or Bitcoin Cash as key players in the market, as they could play a significant role in the current market conditions.
Currently, BTC is trading at $65,900, showcasing a 1.9% surge within the last 24 hours. The $60,000 mark has emerged as a crucial threshold for BTC bulls striving to establish a strong consolidation above this level. On the other hand, Bitcoin Cash (BCH) is trading at $510, reflecting a 2.1% increase over the past 24 hours and an impressive 8.5% growth over the past month.
Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.