2.8 Billion Dollar Mt. There is a New Development About Gox Bitcoins: Analysts Say It Could Relieve the Market
The post 2.8 Billion Dollar Mt. There is a New Development About Gox Bitcoins: Analysts Say It Could Relieve the Market appeared on BitcoinEthereumNews.com.
The trustee overseeing Mt. Gox’s assets has extended the repayment deadline for Bitcoin (BTC) creditors by one year to October 31, 2025. The announcement, made via the Mt. Gox website on Thursday, is the latest development in the long-running saga of the cryptocurrency exchange going bankrupt. Once the world’s largest crypto exchange, Mt. Gox collapsed in 2014 following a massive hack. Since then, the exchange has been working to repay nearly $9 billion in recovered assets to creditors, a process that finally began in July after years of delays. Despite the initial repayments, crypto wallets linked to Mt. Gox still hold a significant amount of 44,900 Bitcoin (BTC), worth around $2.8 billion, according to data from Arkham Intelligence. The Mt. Gox trustee explained in a statement that many creditors have not yet received their refunds because they have not completed the required procedures. “A significant number of refund creditors have not received their refunds due to a variety of reasons, including issues that arose during the refund process,” the trustee said. Earlier this year, Bitcoin’s price was weighed down by the prospect of the Mt. Gox distribution and on-chain transfers, with market watchers speculating how much of the recovered assets would be sold off by creditors once they regain access after nearly a decade. However, extending the repayment period by another year could help alleviate those concerns in the short term. “This could alleviate short-term concerns about oversupply, but there may be room for downside volatility as on-chain funds begin to move again,” Coinbase analysts David Duong and David Han wrote in a report Friday. The postponement provided some relief to the cryptocurrency market as it temporarily eased fears of a potential Bitcoin influx that could put downward pressure on prices. *This is not investment advice. Follow our Telegram and…
Filed under: News - @ October 11, 2024 11:10 pm