Mt. Gox, the Bitcoin trading platform, is said to have initiated the process of refunding its long-term users, offering a potential ray of optimism for those impacted by the notorious hack that occurred more than 10 years ago.
Three months ago, the Mt. Gox trustee completed the verification procedure for clients eligible for repayment. Since then, these users have started receiving their payments in Bitcoin. Nonetheless, this repayment process has sparked worries about its implications for the larger Bitcoin market.
Mt. Gox Users Receive Payments, But Challenges Persist
On Reddit, users have shared experiences of receiving payments from Mt. Gox’s trustee, with detailed information about payment amounts and due dates provided for each claim.
Some users were pleased with the simple repayment method and no extra charges. However, others encountered issues like unsuccessful transfers and prolonged due dates.
In the picture that follows, the trustee is noted for keeping the redemption schedules current to ensure openness regarding advancements. Nevertheless, there are apprehensions among the former users and patrons of the defunct platform regarding the costs associated with the redemption procedure.
In the given image, it is important to mention that the previous transactions have been in the form of cash withdrawals for Bitcoin and Bitcoin Cash. However, there are still pending transactions involving Bitcoins and Bitcoin Cash as payment methods. If users decide to offload the tokens they currently possess, this action could potentially influence the value of both cryptocurrencies even more.
200,000 BTC To Be Release And Bitcoin Price Outlook
After more than a decade since the hack leading to the theft of approximately 809,000 Bitcoins, the planned distribution of around 200,000 BTC may influence the digital currency’s market value.
Mt. Gox continues to possess approximately 143,000 Bitcoins Cash and 69 billion Japanese yen. This discovery adds another layer of intricacy to the unfolding scenario. The prospective sale of Bitcoin by patients-in-waiting for years could potentially undermine Bitcoin’s optimistic outlook and the ongoing price rebound.
Users have learned that they will receive refunds in Circle’s USDC stablecoin instead of the disclosed cash amount. This development affects Mt. Gox customers who prefer Bitcoin or Bitcoin Cash, as their decision to hold or sell these cryptocurrencies could influence current market trends.
The choice of when to repay and whether to hold onto or sell Bitcoins and Bitcoin Cash is essential in shaping Bitcoin’s price over the long term.
At present, Bitcoin is priced at around $65,900, representing a 1.9% increase in the past 24 hours. The price of $60,000 has become an important hurdle for Bitcoin investors aiming to secure a solid foothold above this point.
Instead of that, Bitcoin Cash (BCH) currently trades at around $510, marking a 2.1% rise in the last 24 hours and a significant 8.5% advance during the last month.
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2024-04-23 05:12