Mt. Gox Preparing for Distribution
Mt. Gox, the Tokyo-based Bitcoin exchange, is set to release a huge chunk of Bitcoin (BTC) and Bitcoin Cash (BCH) into the market. This move is part of the ongoing process to compensate creditors who lost funds in the 2011 hack.
The Kraken API interface shows that Mt. Gox is preparing to release:
- 142,000 BTC
- 143,000 BCH
- 69 billion yen
The distribution is expected to begin on October 31, 2024.
Impact on the Bitcoin Market
The release of such a large amount of Bitcoin could have a significant impact on the market. Some analysts believe it could lead to a sell-off, while others argue that creditors are more likely to hold onto their coins.
Creditors’ Options
Creditors have two main options:
- Sell: Sell their Bitcoin and Bitcoin Cash immediately for fiat currency.
- Hold: Keep their cryptocurrency holdings, believing that the value will continue to rise.
Long-Awaited Closure
The distribution process marks a significant step towards closure for creditors who have been waiting for years to receive compensation. It also represents a major milestone in the recovery of the Bitcoin ecosystem after the 2011 hack.
