Bitcoin Cash

Bitcoin

Arkham

Billion

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
According to <a href="https://www.bloomberg.com/news/articles/2024-04-23/failed-mt-gox-s-9-billion-of-bitcoin-btc-closer-to-being-disbursed?utm_campaign=socialflow-organic&amp;utm_source=twitter&amp;utm_content=crypto&amp;utm_medium=social" rel="noopener noreferrer nofollow">Bloomberg</a>, the collapsed cryptocurrency exchange Mt. Gox, which once handled 70% of all Bitcoin transactions globally, might be inching closer to distributing $9 billion&nbsp;worth of Bitcoin&nbsp;to its creditors.&nbsp;
This development marks a critical turning point in one of the longest and most intricate sagas in the history of cryptocurrency.
<a href="https://u.today/mtgox-bitcoins-will-be-released-on-ethereum-merge-date-coincidence" rel="noopener noreferrer nofollow">Mt. Gox</a>, formerly the world's largest Bitcoin exchange, was hacked in 2011 and declared bankrupt in 2014. The collapse sent shockwaves through the cryptocurrency industry, leaving many investors out of pocket, with significant amounts of Bitcoin lost or stolen.
According to Arkham Intelligence, the bankrupt cryptocurrency exchange holds about 137,892 Bitcoin valued at $9.2 billion. Previous records indicated that Mt. Gox also had Bitcoin Cash and fiat money. Some fiat money has already&nbsp;been returned.
After several years, individuals who have been affected can now see the light at the end of the tunnel. Some creditors of the Mt. Gox cryptocurrency exchange said they had received updates on their claims, indicating that officials winding down the platform are speeding up efforts to repatriate the $9 billion Bitcoin stash.&nbsp;
According to the creditors, the updates included information such as the number of digital tokens that needed to&nbsp;be returned&nbsp;and, in some cases, repayment deadlines.&nbsp;
Adam Back, CEO of blockchain infrastructure company Blockstream, told Bloomberg that he has received updates on tokens that&nbsp;will be returned&nbsp;but is awaiting dates. This recent move has&nbsp;been met&nbsp;with a mix of relief and cautious optimism by the community.
The trustee has stated that creditors should get base, intermediate and early lump-sum payments by Oct. 31 as the extended winding-up procedure unfolds.
<h2 id="potential-impact-on-btc-price">Potential impact on BTC price</h2>
The impending payoff has raised concerns about its potential impact on the <a href="https://u.today/bitcoin-price-to-650000-analyst-sees-btc-outperforming-gold-in-long-term" rel="noopener noreferrer nofollow">Bitcoin </a>market. Some believe&nbsp;that a&nbsp;massive sell-off by creditors might exert downward pressure on Bitcoin prices.&nbsp;Others believe&nbsp;that the&nbsp;distribution would be absorbed by the market with minimal impact.&nbsp;&nbsp;
At the time of writing, <a href="https://u.today/bitcoin-btc-price-crash-near-60000-this-might-be-real-cause" rel="noopener noreferrer nofollow">BTC</a> had dropped 0.41% in the previous 24 hours to $66,289, reaching a record high of $73,798 in mid-March. When Mt. Gox fell, Bitcoin was only worth a fraction of this sum.

Mt. Gox’s $9 Billion Bitcoin Payout to Creditors Might Be Nearing Reality: Report

Table of Contents

U_Today

Other articles published on Apr 23, 2024

Bitget Wallet’s Chief Operating Officer Presents Web3 Wallet Security Strategies at Blockchain Li...

Dogwifhat Becomes 4th-Largest Meme Coin as Community Supports Las Vegas Sphere Showcase

Post-halving Bitcoin, Chainlink lead the chatter – What are you missing?

Tether vows to freeze assets after Venezuela looks to crypto to bypass oil sanctions

WEEX Exchange Unveils WXT Token to Enhance Ecosystem and Reward Community Engagement

Chainlink (LINK) Poised for Bull Run as Market Recovers

Join our free newsletter for daily crypto updates!