Mt Gox Bitcoin Release and Payout Date

The once renowned Bitcoin exchange firm-Mt Gox has announced that it is ready to pay its investors a total of 141,000 Bitcoins indebted to them. For those unfamiliar with Mt. Gox, it was a Japanese exchange firm smeared with lies, hacks, and scams. During its working days, the firm handled more than 70% of Bitcoin trades. And then, one day, it suddenly paused all withdrawals, a move that sent shockwaves throughout the crypto community.

Mt Gox Bitcoin payout date

Despite not mentioning an exact payout date, a firm and Nobuaki Kobayashi-the Rehabilitation Trustee statement, indicates that Mt Gox will pay investors soon. Mt Gox had announced that customers would not be able to sell nor make claims from September 15th. Most people imagined that September 15th might be the payout date. However, analysts and experts disagreed, saying that September 15th was the only deadline for making or selling claims.

Previously, Nobuaki Kobayashi, in a letter, announced that it was preparing to make Bitcoin payments to investors. The deadline is set to occur any time before January 10, 2023. In the same letter, investors were urged to register on the online portal. Furthermore, the letter also asked them to specify how they would like to receive their payments. That is either through Bitcoin or Bitcoin cash.

Around $2.5 billion worth of Bitcoin (142,000 BTC) is expected to be paid out to investors. Mt Gox lost a significant reduction considering around 850,000 Bitcoins during the hack.

There was also a report that claimed Mt Gox would release the Bitcoin towards the end of August. However, the report was dismissed by one of the creditors at Mt Gox, siting that Mt Gox had not initiated the repayment process. In the tweet, the creditor urged users to block The Altcoins Hub, a Twitter account that had made that announcement.

Mt Gox payout distribution

The company recently launched a rehabilitation strategy to repay investors in their preferred option. This means that investors can choose how they will receive their funds back. The available options include either receiving payment via Bitcoin or through Bitcoin cash. Mt Gox also gave investors the option of receiving their funds in a lump or not. A user on Reddit had simplified the Mt Gox rehabilitation plan to ensure that users fully understand the terms.

Bitcoin prices after Mt. Gox dump

Analysts and critics had warned that the large-scale Bitcoin dump by Mt. Gox might negatively impact the asset’s price. Still, some experts predicted that the market cap of Ethereum might overtake Bitcoin’s market cap. The experts said that the Ethereum merge events and the Mt Gox dump are poised to cause a flippening event in the market cap.

Bitcoin has been hovering below the $20k mark in the bearish market. However, the chief executive officer of Binance said the probability of a flippening event was very low. CZ added that it was very likely that investors receiving the hacked Bitcoins will not rush to sell them.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.