Mt.Gox starts with $BTC (+1,45 %)
payout
Price slide for Bitcoin and Bitcoin Cash?
Probably completely unknown to many of you, one of the first major "hacks" of a Bitcoin exchange happened back in 2013 / 2014. It involved Mt.Gox, the largest platform for trading Bitcoin at the time. 850,000 Bitcoin were stolen, which corresponds to a current value of over 25 billion euros. Even though 200,000 Bitcoin were recovered a short time later, all customers lost their BTC and USD deposits. I also learned the painful lesson "not your keys, not your coins".
This was followed by proceedings in which now, after around 10 years, some creditors are being paid out. Why only some creditors? In recent years, creditors have been given the choice of waiting for the end of the proceedings (final payment) or being paid a slightly lower amount (early lump sum) "promptly".
According to an email from the Mt.Gox trustee, payment of the early lump sum package will begin this year and continue until 2024. As some of the remaining Bitcoin has already been liquidated in recent years, a total of around 150,000 Bitcoin will be paid out to creditors on a pro rata basis. It is unknown how many of these will fall to the early lump sum package. As a creditor, you also had the choice of having everything paid out in yen or partly in yen and partly in Bitcoin.
It is therefore to be expected that over the next few months, some Bitcoin will enter the market and be liquidated. Even if the number of Gox coins is large, not all creditors will sell their Bitcoin directly. As the payout will take place over several months and Bitcoin now has a relatively high trading volume, I do not expect any major slumps - at least not greater than usual for Bitcoin 😂
Incidentally, the last 10 years have also seen the spin-off of $BCH (-6,23 %) took place. In addition to $BTC (+1,45 %) the same amount of Bitcoin Cash accordingly. I could well imagine a significant price drop here.
For my part, I will use the $BCH (-6,23 %) in $BTC (+1,45 %) which $BTC (+1,45 %) continue to hodl and put the yen in the $VWRL (-0,56 %) the yen.
