Reports noted that several months may take to start the repayment of Bitcoin to Mt.Gox creditors.
Mt.gox was a popular Bitcoin exchange, which was established in 2010 & launched in 2011 and later closed in 2014 because of the failure of the exchange to save the funds from hack & also allegedly important players of the exchange facilitated some illegal money transactions (money laundering). Now domain name of Mt.Gox is under the control of government agencies.
On 31 August, A document was published on the Mt.Gox platform to inform the Mt.Gox creditors about the repayment of 137k Bitcoins to the creditors.
According to the released documents, the “Assignment, etc. Restriction Reference Period” was accepted by the court and now it will start on 15 September and ends after an unclear period. It doesn’t mean that payouts will start on 15 September or nearby dates.
Django Bits, the alleged Mt.Gox creditors channel operator, said that documents released documents noted that it may further take months or even years to see further repayments of those remaining 137,000 Bitcoins.
Mt.Gox vs Bitcoin sell pressure
Because of the news of Mt.Gox creditor’s repayment news, the whole crypto market faced a downfall. In particular Bitcoin trade market saw significant BTC sell pressure. Now the situation of Bitcoin price is trying to recover.
At the time of writing, this article’s price of Bitcoin is $20,018 and this price is 1.1% low over the last 24 hour’s trade price.
In the present situation, Bitcoin Fear & Greed Index is 20 and this is a hint that the Bitcoin market is currently in a very critical phase.