We use affiliate links in our content; By clicking on them, we may earn a commission, at no additional charge to you. By using this website, you agree to our terms and conditions and privacy policy.
We use affiliate links in our content; By clicking on them, we may earn a commission, at no additional charge to you. By using this website, you agree to our terms and conditions and privacy policy.
Join our Telegram channel to stay informed of the latest news.
More than $9 billion worth of Bitcoin from Mt. Gox could return to the cryptocurrency space in the coming weeks to “spook the market” and put pressure on Bitcoin promotion, K33 Research said.
More than $9. 4 billion in BTC and $72 million in Bitcoin Cash (BCH) are owed to Mt. 127,000 creditors. Gox, as well as another 69 billion Japanese yen (about $445. 8 million).
“Mt. Gox coins may contribute significantly to the negative value in the coming weeks,” K33 Research analysts Anders Helseth and Vetle Lunde wrote in an April 23 note.
Rumors about the effect on Bitcoin’s value began circulating on Reddit earlier this week after some Mt. Gox members said they had noticed updates regarding their claims. These updates included the amount of crypto and fiat owed to creditors and payment dates.
Many have known this as an indication that crypto invoices could be running soon. If this is true, creditors may just begin to see Bitcoin repaid to them over the next month.
This assumes that crypto invoices have the same payment schedule as fiat invoices, analysts at K33 Research said in the note.
While the exit of cryptocurrencies may not generate immediate publicity pressure, analysts claim that the collective duration of payments is large enough to “spook the market. “
Mount Gox collapsed in 2014 after falling victim to a series of attacks that went unnoticed for years. After remaining in the dark for more than a decade, creditors nonetheless began receiving communications from Mt. Gox earlier this year.
Reportedly, some creditors obtained repayments in Japanese yen at the end of 2023. More creditors reported receiving new fiat transfers in March this year, K33 said.
The fiat announces a payment plan: 142,000,000 BTC, 143,000 BCH, and one billion yen to distribute.
It can be refunded on October 31, 2024 pic. twitter. com/n0iOYYmZUk
– Kashif Raza (@simplykashif) April 22, 2024
Mt. Gox’s final payment deadline for fundamental payments, lump sum advance payments, and interim payments is October 31 this year, but the payment schedule and deadline may still change.
Join our Telegram channel to stay informed about the latest news.
Steven is a passionate innovator in the fields of cryptocurrencies and blockchain technology. It ranked among the top five in the world in robotics and began its exploration of those emerging technologies in 2014. After briefly reading computer science at the University of Texas at Arlington, he went on to actively contribute to the cryptocurrency space.
Join our Telegram channel to stay up to date with the latest news. The. . .