Bitcoin

Creditors of the infamous Mt. Gox cryptocurrency exchange reportedly received a notice over email from the bankruptcy trustee. It is expected that long awaited repayments might be coming in. As trustees expressed their intentions to begin the repayment process soon, the digital assets market fears about <a href="https://news.todayq.com/bitcoin-price-down-by-3-liquidations-hit-213-million/" target="_blank" rel="noreferrer noopener">dumping of Bitcoin </a>(BTC) ahead. Mt. Gox to start repaying creditors 
Mt. Gox, a Tokyo-based crypto exchange operated from 2010 to 2014, used to handle more than 70% of Bitcoin transactions. However, the infamous crypto exchange became a prime target for hackers, experiencing security issues. Back in 2011, hackers used stolen credentials for Bitcoin transfers and loopholes in network protocols resulted in the loss of huge amounts of Bitcoins. As reports suggest, around 650k to 850k BTC were lost during the hack. 
The letter to rehabilitate creditors mentions that they are aiming to commence cash repayments in 2023 which will extend into 2024. The distribution will reportedly include 142,000 BTC, 143,000 BCH, and 69 billion yen, among other assets. 
It highlighted that there are several factors coupled with the diverse nature of repayments and varying processing times. Due to this, the exact timing of individual creditor repayments remains undetermined. This is why the committee feels it is not feasible to provide advance notice to each rehabilitation creditor about the precise timing of their repayment. Will Bitcoin price decline? 
As mentioned the trustees are planning to distribute around 142k Bitcoins beginning this year suggesting a major circulation of the world’s largest digital assets among creditors. It is expected that the receivers of these Bitcoin might go ahead and sell holdings when received as BTC has grown massively over the years. 
Bitcoin price went on to touch a high of $1000 price in 2014 while trading at a low of around $200 during the same period. However, Bitcoin price is almost 6000% up since 2014.&nbsp; 
Bitcoin is trading at an average price of $36,645, at the press time. While its market cap stands at around $716.4 billion. 
© Todayq News

Bitcoin dump incoming? Mt. Gox’s cryptic notice surfaces

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