Mt. Gox Will Begin Repaying Customers in July 2024, Raising Concerns Among Investors

失败的比特币交易所 Mt. Gox 将在 2024 年 7 月 开始向客户偿还欠款，距离其 2014 年 破产已近十年。

Nearly a decade after filing for bankruptcy in 2014, failed bitcoin exchange Mt. Gox will finally begin reimbursing customers in July 2024. The news comes as a glimmer of hope for those who lost their funds in the exchange's multiple hacks between 2011 and 2014. However, the prospect of these bitcoins flooding the market has left investors uneasy, fearing increased selling pressure that could impact bitcoin's price. At the time of its bankruptcy, Mt. Gox was handling 70% of the world's bitcoin trading. The exchange's failure and the subsequent loss of thousands of bitcoins sent shockwaves through the crypto community. Following the bankruptcy, a lengthy legal battle ensued, with creditors pushing for a faster repayment process and the trustee aiming to prioritize safety and minimize any risks. Ultimately, the court approved a rehabilitation plan that included provisions for reimbursing creditors in bitcoin and bitcoin cash, setting the stage for the upcoming distribution. As part of the preparations for repayments, over 140,000 BTC were moved from cold wallets to an unidentified address in May, marking the first time in five years that any funds were shifted from these wallets. The move was undertaken to prepare for the upcoming distribution of bitcoin and bitcoin cash to creditors, a process that is expected to take place imminently. Once again, the precise timing of the repayments remains uncertain, with the latest reports indicating that they could commence in July 2024. The announcement of the upcoming repayments has sparked concerns among crypto investors, who anticipate that this influx of bitcoins into the market could exert significant selling pressure on both bitcoin and bitcoin cash. Senior ETF Analyst at Bloomberg Intelligence, Eric Balchunas, highlighted the potential impact, noting that the entry of this large volume of bitcoins into the market could, in some cases, offset more than half of all ETF inflows. Since the beginning of 2024, inflows into spot bitcoin ETFs have played a crucial role in driving up bitcoin's price, with these products accumulating over $14.5 billion in net inflows. Moreover, considering that early bitcoin investors, particularly those who entered the market before 2013, may have paid less than $30 for each bitcoin, the substantial increase in value since then could tempt many to sell at least a portion of their holdings. However, some experts contend that the potential sell pressure is being overstated. Altana Digital Currency Fund CIO Alistair Milne argues that the Mt. Gox creditors are in need of funds and have had nearly a decade to sell their claims, suggesting that there may be no remaining distressed sellers.

The above is the detailed content of Mt. Gox Will Begin Repaying Customers in July 2024, Raising Concerns Among Investors. For more information, please follow other related articles on the PHP Chinese website!