Mt. Gox, the Japanese bitcoin exchange that collapsed into bankruptcy a decade ago, said Friday it has begun making repayments to creditors.
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Mt. Gox starts disbursing Bitcoin and Bitcoin Cash to creditors! With over 13,000 payments made, could this massive release affect the current bullish market sentiment? Ryan Lee, Chief Analyst at Bitget Research, analyzes how this large-scale distribution could influence Bitcoin’s price stability and investor sentiment. #MtGox #Bitcoin #BTC https://lnkd.in/dSn-qqVE
Mt. Gox Begins Repaying Bitcoin to Creditors; Can It Put the Brakes on Current Bullish Sentiment?
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Mt. Gox repayment shakes crypto market, causing volatility - https://lnkd.in/g7fC2WFm In a long-awaited move, Mt. Gox, the infamous Bitcoin exchange that collapsed in 2014, has finally started repaying its creditors. This resolution to one of crypto’s most notorious scandals is not just closing a chapter to one of Bitcoin’s darkest hours but is also actively shaping the asset’s market dynamics
Mt. Gox repayment shakes crypto market, causing volatility
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🚀 🚀🚀Interesting analysis on Cointelegraph on the Mt. Gox transaction and BTC whales still buying against all pressure🚀🚀🚀 🐋📈 Over 36% of Mt. Gox Bitcoin has already been distributed to creditors, but Bitcoin whales remain undeterred and continue their accumulation spree. Despite concerns about potential sell pressure from these repayments, which could see up to 99% of investors selling, large holders are still buying. Recently, a savvy whale acquired 245 BTC worth nearly $16 million, bringing their total profit from strategic trades to over $30 million in the past year. This activity suggests confidence in Bitcoin's long-term value, despite the short-term uncertainties.🐋📈 🐋📈With more than $9.4 billion owed to approximately 127,000 Mt. Gox creditors who have waited over a decade, the market is watching closely to see how this influx of Bitcoin will impact prices. Some analysts believe that only the weakest holders will sell, causing temporary selling pressure.🐋📈 🐋📈The resilience and strategies of Bitcoin whales offer an insightful glimpse into market health and long-term investment opportunities. Will the majority of creditors cash out, or will the "paper hands" be the only ones selling? Let's keep watching🐋📈 https://lnkd.in/dRVeyKYX #web3 #digitalassets
Over 36% of Mt. Gox Bitcoin distributed to creditors, but whales keep accumulating
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MT GOX IS MOVING FUNDS AGAIN This could be the end of the crypto bull run Mt. Gox currently holds: $6 billion in BTC It was the biggest crypto exchange (hacked in 2014) and it's ready to repay its victims Here’s why it could crash the market: The story of Mt. Gox is legendary. It is filled with massive highs and even bigger lows. And after more than 10 years, it seems like it's coming to a violent end. Let’s dive right into it 👇 Mt. Gox, once the largest Bitcoin exchange, was founded in 2010 by Jed McCaleb. At its peak, it handled 70% of all Bitcoin transactions worldwide. But it suddenly took a sharp turn. In February 2014, Mt. Gox abruptly suspended trading. Then, they closed their website. And soon after that, they filed for bankruptcy. The reason? A staggering 850,000 Bitcoins had been stolen. That was worth around $450 million at the time. It was one of the biggest hacks in history. 127,000 customers got robbed. Bitcoin's price plunged, and trust in the emerging cryptocurrency market was shaken. Creditors were left with little hope of ever recovering their lost funds. Lawsuits and legal battles ensued as the bankruptcy proceedings dragged on. Fast forward to 2024, and the long-suffering creditors are finally seeing the light at the end of the tunnel. Today, BitGo, the final exchange involved in distributing Mt. Gox assets, moved a staggering $2 billion worth of Bitcoin. This movement in funds is believed to be testing for the real payouts. This is a crucial step toward the final payout. Mt. Gox repayment funds add to over $6 billion in Bitcoin. However, the crypto market has remained surprisingly stable. July 2024 marked a significant milestone. Mt. Gox announced that repayments would begin, with creditors receiving BTC through exchanges like Kraken, Bitstamp, and BitGo. The long-awaited rehabilitation plan is finally coming to life. When will they start repaying customers? We don't know the date, but very soon, so be prepared. A massive crash in Bitcoin price could be on the way.
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Why would a Bitcoin price decline be welcome news for the crypto community? A key pillar in building trust in a financial system is for users to have some assurance of recovering their money should any adverse event occur. Historically, crypto hasn't had a great track record of doing this. Users too often saw profits evaporate as notable crypto firms folded leaving their investors adrift. But the situation is definitely getting better. Earlier this year, bankrupt exchange FTX committed to returning all money with interest to its investors. Now, the same may be happening at defunct Bitcoin exchange, Mt Gox which collapsed back in 2014. In the early days of Bitcoin, buying and selling the token was a complicated process. Since, Bitcoin was built as a peer-to-peer payment system, every transaction carried the risk that the counterparty might take off with your money. And it happened frequently enough. The new decentralized token, needed a trusted marketplace for buyers and sellers to transact. Mt Gox was not the first Bitcoin exchange in existence, but it was it was extremely user friendly, and at one point accounted for 70% of all Bitcoin transactions done worldwide. Then it all went south. In 2011, a hacker made off with 850,000 BTC (worth $450MM at the time). And in 2014, due to some spectacularly negligent operational practices, the firm filed for bankruptcy having "lost" another 850,000 BTC of tokens that belonged to customers and the exchange itself. At the time, this was a staggering 7% of all Bitcoins in existence. Since 2019, efforts have been underway to recover asses and repay customers. After 5 years of no activity, 140,000 BTC (worth $9Bn) has just moved from a Mt Gox owned wallet to another wallet. It is expected that this is part of a plan to repay creditors. The amount moved was large enough to depress the price of Bitcoin. Good news for Mt Gox's creditors, bad news momentarily for BTC holders, but great news long-term for the industry.
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#News #bitcoin #CoinShares #JPMorgan #MtGox JPMorgan & CoinShares Predict Bitcoin Impact from $9B Mt. Gox Payout: Mt. Gox’s $9 billion Bitcoin payout to creditors is expected to have significant market implications, according to JPMorgan and CoinShares analysts. As Mt. Gox prepares to distribute approximately $9 billion in Bitcoin to its creditors, analysts from CoinShares and JPMorgan anticipate substantial implications for BTC. Before its collapse in 2014, Mt. Gox was the largest […] The post JPMorgan & CoinShares Predict Bitcoin Impact from $9B Mt. Gox Payout appeared first on Coinscreed.
JPMorgan & CoinShares Predict Bitcoin Impact from $9B Mt. Gox Payout
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Co-Founder of Smart Vault 🛡️ | Exploring Blockchain & Web3 👽 | Visionary in Crypto 🌐 | Angel Investor 💡 | Passionate about DeFi & DEX 🚀
New FUD from Mt.Gox 11. Mt.Gox Releasing #Bitcoin In July 2024 To Early Buyers Worth $9 Billion 😮 ℹ️ Chronology : 1. February 7, 2014: Mt. Gox halted all Bitcoin withdrawals, citing "technical issues." - FUD: This announcement caused a sharp decline in Bitcoin prices and significant market anxiety. 2. February 28, 2014: Mt. Gox filed for bankruptcy, claiming the loss of 850,000 Bitcoins. - FUD: This event triggered another Bitcoin price crash and increased distrust in cryptocurrency exchanges. 3. April 22, 2015: Bankruptcy court hearings continued, and compensations remained unpaid. - FUD: The lack of clarity regarding payouts kept market tension high. 4. June 22, 2018: The Tokyo District Court moved Mt. Gox from bankruptcy to civil rehabilitation. - FUD: The news was initially positive but uncertainty over payout timelines remained. 5. October 5, 2018: The court set the deadline for creditors to file claims by October 22, 2018. - FUD: The claims process spurred new market speculations. 6. March 15, 2019: The deadline to submit the rehabilitation plan was extended to April 26, 2019. - FUD: Slow progress fueled doubts among investors. 7. April 26, 2019: The rehabilitation plan was submitted to the court. - FUD: Waiting for plan approval created market tension. 8. March 31, 2020: The court extended the claims submission deadline to July 1, 2020. - FUD: Continued delays negatively impacted trust in the process. 9. October 20, 2021: The Tokyo District Court approved the rehabilitation plan. - FUD: Anticipation of payouts caused market fluctuations. 10. January 6, 2023: The court finalized the payout plan, with distributions expected to begin in 2023. - FUD: Announcements of payouts and potential delays continued to influence the market.
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📈 Mt. Gox creditors demonstrate faith in Bitcoin's future, with over 50% opting to hold their payouts. Significant distributions are underway, including Kraken processing a substantial amount of Bitcoin and Bitcoin Cash. Stay tuned for updates! #Bitcoin #MtGox #Cryptocurrency #Liquidation
Mt. Gox Repayments: 50% Creditors Show Strong Faith in Bitcoin’s Future
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