Deadline approaching to compensate Mt.Gox creditors with more than 150,000 BTC… What impact will this have on the market
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Answer Deadline approaching to compensate Mt.Gox creditors with more than 150,000 BTC… What impact will this have on the market
The deadline to compensate Mt.Gox creditors with more than 150,000 bitcoins is approaching, as October 15th is set as the deadline to provide compensation to the creditors of Mt.Gox that was exposed to a massive hack.
Mt.Gox creditors are claiming more than 150,000 bitcoin, which represents about 15% of the total value owed to creditors, and many analysts speculate that the compensation process has a potential impact on the market.
What you need to know:
The Mt. platform hack issue remained. Gox cryptocurrency trading has been around for years, and arguably one of the biggest hacks that has happened against exchanges.
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In a document issued on June 30, a Tokyo District Court issued an order extending the deadline for filing a rehabilitation plan to compensate creditors for their losses and setting an October 15 deadline.
So far, more than 1,000 creditors have claimed over 150,000 bitcoins, which is about 15% of the bitcoins lost during the hack.
In a recent Twitter thread, a cryptocurrency supporter and investor known as “Mr. Whale” the potential impact on the crypto market in the event of compensation and return of 150,000 bitcoins to creditors on October 15.
On October 15, 2020, nearly 150,000 # bitcoinIt is to be returned to customers who were victims of the Mt.Gox exchange “hack” in 2013.
While this deadline has been pushed back several times, it is important to consider the disastrous impact it can have on the markets. pic.twitter.com/nbWR3sSOgX
– Mr. Whale (@CryptoWhale) October 4, 2020
As a key point of clarification, “Mr. Whale notes that the deadline to compensate users has been pushed back several times, however, it is still important to consider the disastrous impact that the process can have on the markets.
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The same speaker adds in his analysis:
Mt.Gox was the largest BTC trading platform at the time, and was responsible for more than 70% of Bitcoin transactions.
At the time of the attack, the value of one bitcoin was close to $400, while it is currently trading at over $10,000, which is an increase of more than 2,400%.
I suppose that once the compensation process starts, many will start making profits and benefiting from the investment return from 2014.
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While it is expected that the deadline of October 15 will be to reveal how and how the compensation process will take place and that the distribution of 150,000 bitcoins will not happen on the specified date without a plan in place.
Note that 150,000 bitcoins are currently worth $1.6 billion.
There is a possibility that the compensation process will take some time, but what is certain is that the creditors will receive profits that can forget them for the length of time they have waited, and may even consider their waiting as a blessing rather than a curse.
Read also:
Ten years ago: Bitcoin is trading at $0.05 on MT.Gox
The KuCoin hack is the third largest hack in crypto history after estimates emerged of the total amount stolen
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