As a seasoned researcher with a deep interest in the cryptocurrency space and having closely followed the saga of Mt.Gox since its infamous hack in 2014, I share Samson Mow’s perspective on this issue. The anticipation surrounding the distribution of Bitcoin and Bitcoin Cash (BCH) from the defunct exchange has been building up for years, with many affected customers eagerly awaiting their compensation.
According to Samson Mow, the CEO of Jan3 and a well-known Bitcoin advocate, those set to receive compensation from the liquidation of the failed cryptocurrency exchange Mt.Gox could swiftly sell their Bitcoin Cash (BCH).
Mt.Gox Customers Set to Trade Bitcoin Cash For BTC
In the earlier discussion on X, Mow raised the point that approximately 20% of the Bitcoin from Mt.Gox is likely to be released into the market. Contrarily, the remaining substantial portion, around 80%, may be transferred to cold storage or utilized as collateral for loans. The Bitcoin Evangelist made this clear.
Noting the defunct exchange’s confirmation, it distributed Bitcoin and Bitcoin Cash to its impacted clients.
As a long-term investor in Bitcoin for the past decade, I’ve witnessed the heated debates over block size and the controversial actions of individuals like Ver. Given my experience with the turbulent history of Bitcoin Cash obtained from Mt. Gox, it would be understandable if I chose to sell it immediately rather than hold on to it.
No one.
— Samson Mow (@Excellion) July 16, 2024
Based on this assumption, Mow expressed his concern that all the Bitcoin Cash could be quickly sold off in the market. In response to Mow’s post, a user on X claimed to have discovered a method to extract and sell their BCH for more BTC right away following the transaction confirmation. This user obtained the information from GitHub and believes that other Mt.Gox creditors will likely follow suit once they receive their BCH payments.
Mow emphasized that many of these customers had to wait up to ten years to regain the value of their assets following the 2014 attack on the exchange. In his view, a significant portion of them had observed “Blocksize Wars and Ver’s actions,” making it understandable for some to promptly sell their BCH from Mt. Gox.
Mt.Gox Begins to Transfer BTC And BCH to New Wallets
The outcome for many Mt.Gox customers remains uncertain at this point, as it’s undecided if they will follow the same path. However, we should know more in the coming days since the exchange is eager to initiate payouts as soon as possible.
As a crypto investor keeping a close eye on the market, I’ve noticed some significant transactions within the past day that have piqued my interest. Early this morning, I came across a noticeable Bitcoin transfer from Mt.Gox wallets to a newly emerged crypto exchange. The value of this transaction was an impressive 44,527 BTC, which equated to roughly $2.84 billion at the time.
After the initial transaction, Arkham Intelligence identified a subsequent transfer of 48,641 BTC, equivalent to $3.07 billion, to a new wallet starting with “3JQie…YyFrE” around a few hours later. So far, only Kraken has publicly acknowledged receiving cryptocurrencies from the company as part of its plan for making restitution.
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2024-07-16 17:32