The former clients of Infamous collapsed Bitcoin trade platform Mt.Gox may receive compensation at the beginning of the next year.
Mt.Gox was a popular crypto exchange in early 2014. Initially, the Bitcoin exchange was launched in 2010 but ceased in late 2014. Reports claimed that Mt.Gox was hacked and also mismanaged by the backend team, which resulted in the loss of funds in huge amounts. At present, the domain name of this exchange is under the control of government agencies.
Mt.Gox trustee handling the work of management to ensure the perfect distribution of funds to former users.
The defunct Bitcoin exchange Mt.Gox is set to begin payment distribution in early 2023 after the appointed debtor shared the final modalities for the repayment.
At this moment, there are approximately 10,000 former customers who are waiting to receive funds. The trustee will release $1.7 billion in cash, 141,000 Bitcoins (BTC), and another 142,000 Bitcoin Cash (BCH) to the former users. All the former users are from multiple countries.
Even at this moment former users, who lost funds on the exchange, can submit requests to receive funds back. 10 January 2023 is the last date for the creditors to submit their information & get funds back in January 2023.
Mt.gox payment release & Bitcoin price impact
Bitcoin is already facing a significant downfall in its price and many experts believe that this downfall may force these creditors to sell their bitcoin, to remain away from volatility, which may result in a very big downfall in the price of Bitcoin.
Opposite of that, few experts believe that the current situation of the Bitcoin market is not weak despite a downfall in the price and we should not take any tension because of these ongoing efforts because all those creditors are Bitcoiners & everyone of them understands very well about the potential of Bitcoin, so the majority of the people will not sell.
Read also: Binance will invest $1B in the crypto sector despite bearish sentiment
Mt.gox Trustee will release 141,000 Bitcoins to former users in January of next year
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