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Tokyo-based Bitcoin exchange, Mt. Gox is preparing to <a href="https://bitcoinist.com/200000-bitcoin-mt-gox-confirms-repayments/" rel="nofollow">release a substantial amount of Bitcoin (BTC)</a> into the market, signaling the upcoming disbursement of payments to creditors who had been affected by its <a href="https://bitcoinist.com/doj-takes-down-mt-gox-hackers-for-crypto-theft/" rel="nofollow">hack attack</a> in 2011.&nbsp;&nbsp; 
<h2 id="mt-gox-set-to-release-142-000-bitcoin-into-market">Mt. Gox Set To Release 142,000 Bitcoin Into Market</h2> 
<a href="https://www.reddit.com/r/mtgoxinsolvency/comments/1cr75ss/speculation_post_kraken_btc_payouts_might_start/?rdt=61482" rel="nofollow">Reports</a> from Reddit reveal that the Kraken Bitcoin (BTC) and Bitcoin Cash (BCH) API interface have signaled that <a href="https://bitcoinist.com/mt-gox-ready-distribute-millions-cash-to-creditors/" rel="nofollow">Mt. Gox</a> is getting ready to release its substantial cryptocurrency and fiat holdings, which include 142,000 BTC and 143,000 BCH, and 69 billion yen.&nbsp; 
As of May 13, the interface began reading “payment in preparation,” indicating that funds would soon be distributed to creditors. The date for the anticipated disbursement has also been <a href="https://bitcoinist.com/bitcoin-repayment-deadline-mt-gox-trustee/" rel="nofollow">slated for October 31, 2024.&nbsp;</a> 
This decision comes after years of undergoing legal proceedings and negotiations aimed at <a href="https://bitcoinist.com/mt-gox-starts-repaying-creditors/" rel="nofollow">reimbursing creditors</a> who lost funds following the Bitcoin exchange’s crash. Earlier in 2011, Mt. Gox was hacked, resulting in the loss of 850,000 BTC now worth over $51 billion. Shortly after the unfortunate attack, Mt. Gox filed for bankruptcy and has since been gathering funds to compensate creditors.&nbsp; 
Reports from a few customers have revealed that the <a href="https://bitcoinist.com/mt-gox-users-receive-btc-bitcoin-cash-payments/" rel="nofollow">exchange has begun distributing funds</a> in fiat currency. One particular Reddit user <a href="https://www.reddit.com/r/mtgoxinsolvency/comments/1ca372h/paid_uk_x1_hsbc/?utm_source=share&amp;utm_medium=mweb3x&amp;utm_name=mweb3xcss&amp;utm_term=1&amp;utm_content=share_button" rel="nofollow">disclosed</a> earlier in April, that he had received USD payments into an HSBC currency account with zero fees.&nbsp; 
While the long-awaited distribution process comes as great news to creditors, the release of such a large amount of Bitcoin could have a <a href="https://bitcoinist.com/bitcoin-repayments-from-mt-gox-begin/" rel="nofollow">significant effect on the current Bitcoin market.&nbsp;</a> 
Additionally, <a href="https://www.reddit.com/r/mtgoxinsolvency/comments/1cr75ss/comment/l3xgefd/?utm_source=share&amp;utm_medium=mweb3x&amp;utm_name=mweb3xcss&amp;utm_term=1&amp;utm_content=share_button" rel="nofollow">discussions</a> about whether creditors would sell or retain their Bitcoin holdings once they receive their funds have been circulating. Nonetheless, the <a href="https://bitcoinist.com/bitcoin-to-40000-blockstream-ceo-tackles-mt-gox/" rel="nofollow">disbursement process</a> presents a step towards closure and recovery for victims of the exchange’s hack and bankruptcy.&nbsp; 
<h2 id="will-creditors-sell-or-hold">Will Creditors Sell Or Hold?</h2> 
With the <a href="https://www.newsbtc.com/bitcoin-news/mt-gox-repayment-rumors-cause-bitcoin-price-to-drop-to-42000-market-in-turmoil/">Bitcoin market</a> presently in a fragile position after experiencing a series of declines following the halving event on April 20, the possibility of a <a href="https://www.newsbtc.com/bitcoin-news/expert-calms-mt-gox-bitcoin-liquidation-worries/">large-scale sell-off</a> could lead to drastic changes in the market, potentially resulting in a crash.&nbsp; 
Commenting on Mt. Gox’s 142,000 BTC distribution plans, a Reddit community member <a href="https://www.reddit.com/r/mtgoxinsolvency/comments/1cr75ss/comment/l3w8vec/?utm_source=share&amp;utm_medium=mweb3x&amp;utm_name=mweb3xcss&amp;utm_term=1&amp;utm_content=share_button" rel="nofollow">suggested</a> that the exchange’s upcoming repayments could become a catalyst for the next BTC dump in 2024.&nbsp; 
In response, another Reddit user <a href="https://www.reddit.com/r/mtgoxinsolvency/comments/1cr75ss/comment/l3xgefd/?utm_source=share&amp;utm_medium=mweb3x&amp;utm_name=mweb3xcss&amp;utm_term=1&amp;utm_content=share_button" rel="nofollow">expressed doubt </a>about the likelihood of a widespread sell-off, especially at the beginning of the bull market. The user surmised that investors who have been waiting for <a href="https://www.newsbtc.com/news/bitcoin/key-week-ahead-for-bitcoin-as-mt-gox-payments-approach-will-btc-hold-above-22000/">Mt. Gox’s payments</a> for over a decade are unlikely to sell off their Bitcoin holdings quickly.&nbsp; 
Instead, he suggested that many creditors, like himself, would be more inclined to HODL their Bitcoin holdings, having acquired a deeper understanding of the pioneer cryptocurrency during the decade-long wait. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/ArZ0aUAA/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1576">

Brace For Impact: Mt. Gox Set To Inject 142,000 BTC And 143,000 Bitcoin Cash Into The Market- Here’s When

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