Bitcoin windfall for Mt. Gox creditors after 10 year wait, 10,000% price spike
Mt. Gox to repay creditors with $9 billion in Bitcoin and Bitcoin Cash starting in July. Market may see short-term downside from potential selling pressure, but analysts predict rebound in prices. Tax considerations may influence creditors' decisions.
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Mt. Gox, a defunct bitcoin exchange, is set to repay creditors after a decade-long wait, following a cyber theft of up to 950,000 bitcoin. With Bitcoin now trading at over $60,000, a significant increase from the time of Mt. Gox's bankruptcy, creditors are expected to receive roughly $9 billion worth of crypto in total. The payouts are set to begin in July, with distributions in a mix of bitcoin and bitcoin cash. While some creditors may choose to hold onto their assets, others may opt to sell, potentially impacting crypto prices. Analysts anticipate a short-term downside risk due to potential selling pressure from Mt. Gox creditors, but expect prices to rebound in the following months. Tax implications and the desire to avoid capital gains tax may influence creditors' decisions on whether to sell or hold onto their assets. Despite the windfall for creditors, uncertainties remain regarding the market impact of potential selling and the long-term implications of the payouts.
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17 commentsThis whole thing should have been resolved years ago, I still get bankruptcy emails and I feel bad for the poor soul who has to waste his whole career fighting over who gets the remaining sliver of money instead of doing something productive.
Also, they have been pretty good at accepting blame and trying to fix what they could.
says a lot about the two economies and their entire ethos
It's honestly not that impactful as people may think.
Note that BTC's last 24h volume was $15Billion (some of it is fake, but it's still alot)
The price reaction to this news proves it.
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