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Bitcoin is at risk of crashing as Mt. Gox’s trustee prepares to unlock more than $3 billion worth of Bitcoin


July 11, 2022 · By MATheGooner
Bitcoin (BTC)

Users of the now-defunct exchange Mt. Gox are getting ready to reclaim their lost Bitcoin, which poses a fresh selling threat to bitcoin in the near future.

The possibility of a rumored 150,000 BTC flooding the market seems imminent as creditors of Mt. Gox decides how much money they want to receive in cash, Bitcoin, and Bitcoin Cash.

Attorney Nobuaki Kobayashi, appointed trustee in the Mt. Gox rehabilitation process, acknowledged that he was “preparing to make payments” to account holders in a new letter dated July 6. 

Kobayashi didn’t specify a particular start date for the repayments in the formal email.

“The Rehabilitation Trustee is currently preparing to make repayments (‘Repayments’) in accordance with the approved rehabilitation plan of which confirmation order of the Tokyo District Court (the “Court”) was made final and binding on November 16, 2021 (the “Rehabilitation Plan”),” it reads.

It has been a long time coming, as have worries about the market impact, for those who lost money eight years after the collapse of My. Gox and are now scheduled to receive BTC. Analyst have remarked that the price of Bitcoin at the time was a small portion of the current $20,600, which raised concerns that recipients may rapidly sell significant quantities of BTC on the market, driving prices lower.

Those who are owed money now have the option of receiving it as a “Early Lump-Sum Repayment or not,” as well as receiving all or part of it in Bitcoin or Bitcoin Cash. 

The appointed trustee further stated in the official correspondence that the Rehabilitation Trustee will establish the registration and choice deadlines with the Court’s approval.

Mt. Gox trustee balance chart. Source: Glassnode

The rehabilitation strategy received first approval in 2018 and was officially confirmed in October 2021. Only a reported 150,000 BTC have been recovered out of the initial 850,000 BTC lost due to Mt. Gox’s fall.

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