In 2014, the crypto exchange Mt. Gox through multiple hacks. Many crypto traders lost their assets. For years, the victims have been trying to get the lost cryptos back. Since this week, there have been rumors that these payments may come sooner than expected.
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Bitcoin and bitcoin cash payment possible earlier
In a recent report from crypto firm K33 Research, Mt. Gox is working towards a payout of no less than 142,000 bitcoins (BTC) and 143,000 bitcoin cash (BCH). Both worth no less than 9.5 billion dollars and 73 million dollars respectively. The rumors arose when victims of the crypto exchange fell into the special claims system of Mt. Gox saw their progress updated. The curators previously announced a deadline for October 31 this year. Due to the changes in the system, it appears that payments to the victims may take place earlier.
Will BTC price fall?
The payments could have major consequences for the market price of bitcoin. If the large amount of bitcoins were released onto the market and victims decided to sell them, there would suddenly be a lot more supply. When supply grows relative to demand, this can drive the price of bitcoin down. This could potentially jeopardize an upcoming upward rally.
The analysts at K33 Research do note that it is also possible that no selling pressure will arise. If victims decide to keep the bitcoins in their wallets, the demand for bitcoin will remain the same. This will have a smaller impact on the price of bitcoin.
First fiat payments already received
Victims of the fallen crypto exchange have been waiting for their lost assets for ten years. Last January, the trustees of Mt. Gox for the first time victims to verify their identity. They also had to indicate at that time to which crypto exchange accounts the cryptos should be transferred.
It previously emerged that a number of victims had received payments in Japanese yen from the trustees in December last year. These payments also took place in March.
All victims should have received a refund by the end of October. It remains to be seen whether this will also be possible before this deadline. The deadline could always be pushed back.
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