Bitcoin Repayments: Mt Gox Starts Verifying Addresses For 200,000 BTC In Payouts
24 Janeiro 2024 - 4:30PM
NEWSBTC
Defunct Japanese-based cryptocurrency exchange, Mt. Gox has taken
the next steps toward its Bitcoin distribution process to customers
who were previously affected by its 2014 hack attack. The crypto
exchange has delivered mass emails to account holders as they
confirm wallet addresses for individuals eligible for its repayment
process. Mt. Gox Prepares For Bitcoin Repayments Recently,
Account holders at Mt. Gox reported in a Reddit post that they have
been receiving new emails from the crypto exchange regarding an
identity verification and confirmation procedure initiated by the
exchange. Mt. Gox disclosed that it has begun confirming
wallet addresses from users who had officially owned accounts at
the crypto exchange and had successfully completed their identity
verification processes. The crypto exchange also revealed that it
would be distributing Bitcoin (BTC) and Bitcoin Cash (BCH) as part
of its repayment process to account holders, with the payout
ranging from 142,000 BTC to 200,000 BTC. Related Reading: JP
Morgan Reveals Likelihood Of Spot Ethereum ETFs Getting Approved
Furthermore, Mt. Gox disclosed that the rehabilitation trustee has
shared customer details with the custodian to facilitate the
account verification process. The crypto exchange warned that
customers with disabled or frozen accounts may not be eligible for
the fund distribution program. In September 2023, Mt. Gox
declared an extension of its repayment deadline from October 2023
to October 31, 2024, attributing the decision to the need for
further discussions to ensure proper disbursement of funds. During
December 2023, the crypto exchange encountered a slight hiccup in
its payment distribution process after it announced it had
unintentionally issued double payments to specific users.
Following the error, Mt Gox urgently requested these users to
return the excess funds, warning of potential legal consequences
and the possibility of being excluded from the reimbursement plan
scheduled later this year. This year marks nearly a decade
since Mt. Gox suffered a hack attack resulting in the loss of a
substantial 850,000 Bitcoin. Recent developments in the repayment
process bring hope to former customers of the crypto exchange who
were adversely affected by the cyber theft. BTC price
reclaims $40,000 | Source: BTCUSD on Tradingview.com BTC Faces
$20,000 Crash If Mt. Gox Customers Commence Bitcoin Sell-Off About
200,000 BTC presently worth over $7.7 billion, is expected to
spread through multiple wallet addresses owned by Mt.Gox creditors.
This raises concerns about the potential impact this Bitcoin
distribution could have on the crypto market. Related
Reading: Is XRP Price At $20 Possible? Crypto Analyst Predicts
Stunning Move Presently, Mt. Gox’s 200,000 BTC repayment amount
surpasses the total value of Microstrategy and El Salvador’s
Bitcoin holdings, which are among the largest in the world.
With Bitcoin currently at $39,909, if Mt.Gox account holders
receive their reimbursements and attempt a sell-off to take their
profits, which have grown by a substantial 99,900%, the price of
Bitcoin may dip below $20,000. This would be a monumental crash for
the pioneer cryptocurrency, bringing prices back to half of their
present market value. Featured image from Inside Bitcoins,
chart from Tradingview.com
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