Mt. Gox to Return 140,000 Recovered Bitcoin, Market Awaits Potential Sell-Off. Bitcoin prices (BTCUSD) hovered near a four-month low of $55,000 on Monday as crypto traders prepared for a potential market upheaval. The anticipation stems from the defunct Mt. Gox exchange, once the largest digital asset trading platform in 2014, is preparing to release 140,000 recovered Bitcoin to its former users.
Mt. Gox, based in Tokyo, collapsed a decade ago, locking users out of their accounts after an alleged hack led to the disappearance of 950,000 Bitcoin. In a bid to make amends, an appointed trustee has managed to recover a portion of the lost assets and is now ready to repay users who have waited ten years for this restitution.
The recovery and upcoming distribution of these 140,000 Bitcoin, valued at approximately $9 billion, have sent ripples through the market. Already, $2.7 billion worth of Bitcoin has been moved from an offline Mt. Gox-related account, signaling the beginning of the repayment process. Analysts express concerns that many recipients may choose to cash out their holdings, potentially triggering a significant market sell-off.
Back in 2014, Bitcoin was valued at around $300. The fortunate early adopters who were locked out of their Mt. Gox accounts stand to realize substantial profits from this payout. However, not all former users will benefit equally; some may receive little to nothing for their early investment due to the complex repayment process and varying claims. Mt. Gox to Return 140,000 Recovered Bitcoin, Market Awaits Potential Sell-Off.
Despite the uncertainty surrounding the exact timeline for the distribution, the impending release of these 140,000 Bitcoin, representing about 0.7% of the total 19.7 million tokens in circulation, has the market on edge. As the crypto community watches closely, the potential impact of this long-awaited restitution on Bitcoin’s price and overall market dynamics remains a significant point of speculation.
