The fact that Bitcoin remained below $ 60,000 for a certain period of time and had difficulty rising lowered the risk appetite of the investors.
While the uncertainty regarding the reason for this pullback in Bitcoin continues, experts assess that it may be a different news flow rather than news such as pre-priced (US crypto law, Chinese pressure, etc.).
At this point, we observe that the fears about the Mt.Gox stock market are on the agenda again.
Because, in a document written by the Mt.Gox board of trustees, it was stated that the transactions were completed and the final stage was reached for the distribution of 150,000 BTC to the victims.
The statement dated 16 November includes the following statements:
“Finalization of Payment Plan and Confirmation of Binding Confirmation Notification
As we announced in the “Payment Plan Confirmation Notice” on October 20, 2021, the draft Payment Plan submitted to the Tokyo District Court on February 15, 2021 by the Payment Attorney has been approved by the vast majority of rehabilitation creditors.
Approved by the Tokyo District Court on October 20, 2021.
Also, on 16 November 2021, the Payment Plan became final and binding.
The Rehabilitation Trustees offer their sincere thanks to all parties involved for their understanding and support that led to the final and binding Payment Plan.
The Rehabilitation Trustees will reimburse their creditors according to the Payment Plan. An announcement will be made to creditors regarding the specific timing, procedures and amount of such repayments.
The Rehabilitation Trustees will require all rehabilitation creditors to save bank account information and other information in MtGox’s Online filing system so that they can receive reimbursement.
May face difficulties in getting reimbursement according to the Payment Plan. Therefore, rehabilitation creditors who are not registered in the System or forget their passwords and cannot log in to the System must obtain and fill in the Payee Code required for the first registration/re-registration to the System.
After it is announced that your payee number is suitable for registration, apply to get your payee code required to register with the System.
Rehabilitation Borrower: MtGox Co., Ltd. Rehabilitation Trustees, Nobuaki Kobayashi, Attorney”
In the document shared by the account named Mr.Whale, we observe that the procedure has been completed and the distribution process has been prepared for Mt.Gox creditors to receive their Bitcoins.
At this point, we observe that the average cost of these victims’ BTCs is between $100 and $1000, so there are high expectations that they will be sold after distribution.
Experts assess that these BTCs, which will be distributed to Mt.Gox victims, are likely to put pressure on the market for a while.
What is the Mt. Gox Incident?
Japanese Cryptocurrency Exchange Mt.Gox, which wanted its bankruptcy after hackers stole 850 thousand Bitcoins in 2014, could not pay the money of many investors after announcing its bankruptcy.
As a result of the lawsuits that lasted for about 6 years, it was determined that there was a forgotten 200,000 Bitcoin wallet belonging to the bankrupt stock market. The liquidation commission appointed by the Tokyo District Court had decided to distribute 150,000 BTC from Mt.Gox’s forgotten wallet to creditors who lost all their assets on the exchange.
With the finalization of the payment plan, the Japanese cryptocurrency exchange Mt. Gox’s plan to distribute 150,000 Bitcoins has reached the final stage.
*Not Investment Advice.