The victims of Mt. Gox victims could be eligible for compensation. Users began litigation almost a decade ago after the attack that forced Gox to close down. This could lead to compensation in the coming months.
Bitcoin Funding Rates Are Climbing As Price Continues To Struggle| Bitcoin Funding Rates Are Climbing As Price Continues To Struggle
People in the cryptocurrency space have followed the case closely due to the potential consequences for the Bitcoin market. Mt. Gox recovered around 150,000 BTC that could be used to enter the market.
At the time of writing, BTC’s price trades at $21,000 with a 4% profit in the last 24 hours. After years of selling pressure, the cryptocurrency saw relief. It was at $17,000 annually.
Participants in the market believe that 150,000 BTC will be unlocked by Mt. Gox will place more pressure on a market that seems ready to suffer further losses. Mt. Gox’s rehabilitation trustee, the entity in charge of handling compensation, they are making preparations to begin repayments.
The Japanese court approved this process on November 15th, 2021. The trustee asked the victims for the information they needed to redeem the funds.
For compensation payments, individuals will be free to pick the payment option that suits them best. The majority of people will use Bitcoin to receive their compensation, whether it is in cash, Bitcoin Cash or Bitcoin Cash.
This clarification was made by the rehabilitation trustee:
Rehabilitation Trustee may, if necessary for the implementation of the Rehabilitation Plan and with the permission of the Court, set a period during which the assignment, transfer, succession, provision as collateral, or disposition by other means of rehabilitation claims are prohibited (…).
Bitcoin Can Withstand a 150K Bitcoin Token Unlock from Mt. Gox?
The repayment will begin at some point during the end of August 2022 and will end “until all or part of the repayments made as initial repayment is completed”.
Mt. The Mt. They would still make a huge profit even if they only received 1 or 2 BTC.
So market participants worry about a possible flash crash, or other downside periods. CryptoQuant’s Ki-Young Ju provided users with an alert for the BTC from Mt. Market liquidity to flow into Gox wallets
MtGox email creditors regarding repayment information.
Set an alarm $BTCCheck out the link for MtGox withdrawals. It’s still quiet for now.https://t.co/RwZCTBP9Ps https://t.co/CgZ0xJ6eNj
— Ki Young Ju (@ki_young_ju) July 7, 2022
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Because it is trending downwards since November 2021, the crypto market appears weak. However, Bitcoin’s current levels, according to Bloomberg’ Mike McGlone, are similar to those that supported BTC’s price during some of its darkest periods. The Mt. Will the Gox be unlocked?