Mt Gox, the once-iconic Bitcoin exchange, has suddenly risen from the dead and is now ready to pay its creditors back a total sum of 137,000 BTC. But when is the Mt Gox Bitcoin release date?
Mt Gox, a Japanese Bitcoin exchange, has a fascinating history full of hacks, lies, and scams.
The exchange used to handle nearly 70% of the total BTC trade at the time of its hack. Here, it paused its withdrawals abruptly, leaving a wave of controversies in its wake. Let's take a look at this final chapter in Mt Gox's Bitcoin hack history.
When Is The Mt Gox Bitcoin Payout?
Mt Gox has not yet mentioned an official Bitcoin payout date, but the latest letter on repayments states Rehabilitation Trustee, Nobuaki Kobayashi, is "currently preparing to make repayments".
Some reports suggest that creditors could receive payments from August 2021.
The exchange continues to move closer towards paying back creditors. In the letter referenced above, instructed them to register themselves via an online registration portal. The exchange has also asked its creditors whether they'd like to receive the payments in Bitcoin or Bitcoin Cash.
Approximately 137,000 BTC ($2.74bn) is estimated to be released during this period. This is still a huge reduction on the 850,000 BTC initially lost during the hack.
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Mt Gox Payout Calculator
Mt Gox had recently unveiled a rehabilitation plan where users could decide the way they would like to get their funds back.
The options included various forms of payment methods with preferences including users deciding whether they would like to get paid in BTC or Bitcoin Cash.
The users can also decide whether they would like to receive their funds in a lump sum or not.
A Reddit user has simplified Mt Gox's rehabilitation payout plan for a better understanding of the users.
Mt Gox Bitcoin Dump Sees Concerns Over BTC Price
Several crypto analysts and critics have voiced concerns about the Mt Gox Bitcoin release, stating that a potential dump could severely hurt the price of BTC.
Due to the event's coincidental timing which is in sync with the switch to Ethereum staking via Ethereum 2.0, others have touted a potential flippening event. This would see the market cap of Ethereum overtake Bitcoin.
Bitcoin has been down due to the bear market pressure hovering around $19,000-$20,000 over the past few months.
However, Binance CEO CZ dismissed these claims in a since-deleted tweet. He referenced the fact that those receiving the hacked Bitcoin will have been in the space since 2014. "Just ask yourself, if you got into crypto and had BTC from 2014, will you be in a hurry to sell now?" he said. "New joiners vs OG mentality."