Mt.Gox Will Start Making Bitcoin (BTC) Withdrawals To Victims Of The 2014 Hack
✍️ 14 October, 2022 - 10:44 👤 Editor: Jakub Motyka
- Mt. Gox, the old exchange, will begin its process of Bitcoin (BTC) payments to the victims of the 2014 hack
- This has generated a lot of anxiety among investors who believe that the price could fall
- Creditors will receive payments according to the BTC and BCH they lost during the hack
Mt Gox, the old exchange that suffered a hack in 2014, announced that it will begin the process of reimbursing the Bitcoin (BTC) of its victims. It was an attack for more than 740,000 BTC, which led to the collapse of the platform and the loss of the funds of thousands of users. It is known as one of the largest heists in the history of cryptocurrencies.
For a few days, there has been speculation about the possible liquidation of Mt. Gox to its creditors, however, this was denied by related sources. Subsequently, the exchange itself announced that this September 15 the payment process to the victims of the robbery would begin. Similarly, the process could take a long time and payments would be made progressively.
What Effects Could Mt Gox Payments Have On The Price Of Bitcoin (BTC) And The Cryptocurrency Market?
Both the creditors of Mt. Gox, as well as the cryptocurrency market, are anxiously following the payment process. All this is due to rumors that 140,000 BTC would flood the market after making the same. Fortunately, this was denied by Eric Wall, one of the exchange's creditors, who pointed out that the payments will be made in stages.
It is necessary to point out that in the event of a liquidation of such magnitude, the price of Bitcoin (BTC), as well as the rest of the cryptocurrencies, would go into free fall. In general, it would be a consequence due to the large number of assets that would be put up for sale once the payments were made. However, considering that the process could "take months, if not years," this scenario is unlikely.
How Will The Stolen Bitcoin (BTC) Payments Be Made?
According to an official document published by Mt. Gox, the Tokyo District Court authorized to start the payment process. It will be held from September 15 until an indefinite date. Payments will be executed in Bitcoin (BTC) and Bitcoin Cash (BCH), as a result of the blockchain fork on August 1, 2017. At this time, there are no details on the payment method or platform where the funds will be deposited.
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