The cryptocurrency exchange Mt. Gox went bankrupt in 2014 after being hacked and losing 850,000 bitcoins. Now, 10 years later, compensation is accelerating. It is expected that by October this year, Mt. Gox will pay a total of 142,000 to creditors. Bitcoin, 143,000 BCH and 69 billion yen in cash.
Starting from the middle of this month, Reddit users have successively disclosed that MtGox’s Kraken BTC and BCH payment API interfaces display “Payment Preparing”, with an update date of May 13, indicating that Kraken is preparing for payment and creditors may collect it soon. Repay in BTC and BCH.
Mt. Gox cold wallet transferred 42,830 Bitcoins
Earlier today, Arkham Intelligence monitoring discovered that the Mt. Gox cold wallet transferred a total of 42,830 Bitcoins to the unknown wallet address 1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6 through multiple transactions between 9:41 and 10:54 this morning, with a value of up to 29 One hundred million U.S. dollars.
1Jbez… Before receiving the large amount of Bitcoin today, he had received small amount of Bitcoin transfers from two addresses on May 20 and 28, and the source of funds for these two addresses was the CoinJoin address of the coin mixer.
Currently, the Mt. Gox cold wallet address still holds 1378,922 Bitcoins, worth approximately US$9.41 billion.
Bitcoin falls below $67,500
Although the Bitcoins currently transferred to the 1Jbez... wallet have not been transferred further for the time being. However, BTC suffered a sharp decline at about the same time, with the lowest price at $67,485 before the deadline, a drop of nearly 4% in 12 hours.
Could it cause selling pressure on BTC?
In the past 10 years, the price of Bitcoin has increased more than 10 times. The market is worried that once more than 140,000 BTC in total are returned to investors, it may cause short-term selling pressure on the market and bring volatility to Bitcoin.
Cryptocurrency company K33 Research said in a report last month that Mt. Gox was preparing to repay 142,000 BTC and 143,000 BCH. This huge cryptocurrency repayment "may become an important factor affecting the price decline in the coming weeks." .
K33 Research noted that while creditors are unlikely to collectively sell the money they were paid, the expectation may prompt market participants to be cautious and avoid taking risks ahead of the event:
Repayments don't necessarily equate to selling pressure, as creditors may choose to hold on to funds, but it's an unresolved issue that could unsettle markets in the short term.
