The future of 150,000 Bitcoins from the former Bitcoin exchange Mt.Gox is expected to be decided on October 15. There is speculation that these 150,000 Bitcoins could cause a huge movement in the market. But not everyone agrees that October 15 will be a critical day for Bitcoin.
Once the world’s largest Bitcoin exchange, Mt.Gox was attacked by a giant hack in 2014. 740 thousand belonging to users in the attack; 100 thousand Bitcoins belonging to the company were stolen. The current value of these Bitcoins, which amounted to $ 460 million at that time, is $ 8.9 billion. The prospect that this giant bitcoin stack could go into action on October 15 began to worry some investors. So why is October 15 important?
The Process Was Extended Until October 15
Mt.Gox went bankrupt due to the attack, and Bitcoin investors who lost their money during the attack began to wonder whether they would be refunded. This curiosity has turned into a legal struggle that will continue for years.
Users were entitled to get back their lost Bitcoins after the struggle. The party representing Mt.Gox in the process announced that the company has 150,000 Bitcoins in reserve and that they can be used for refund purposes. The court gave time for Mt. Gox to prepare a rehabilitation plan so that this process could run smoothly. The Tokyo court announced on June 30 that the deadline for this plan was October 15.
150 thousand bitcoin mobility can come
It is thought that Mt.Gox users will be able to start buying Bitcoins lost on time on October 15. CryptoWhale, the popular crypto currency commentator, explained the importance of October 15 in a tweet:
“Whether old (Mt.Gox) users will receive their money will be announced on October 15th. If these 150 thousand Bitcoins are put on sale, there may be a huge drop in the Bitcoin price and fear will dominate the markets.
At the time of this attack, the Bitcoin price was around $ 550. Now it is possible to sell a Bitcoin for 10,700 dollars. Investors who lost Bitcoin in 2014 can take advantage of this almost 2000% change and start selling the Bitcoins they have bought back to make a profit. Crypto Whale thinks this could put a huge selling pressure on the market.
May Not Make the Expected Effect
Although the Tokyo court announced that the rehabilitation process will end on October 15th, that doesn’t mean that Mt.Gox will begin distributing Bitcoins to people on October 15 exactly. According to Cointelegraph’s report, at this point, it is necessary to take a look at both the past events and the court’s decision.
October 15 is not the last day for Mt.Gox to return users. This is just the last day of the rehabilitation plan. Hence Mt. Gox should not only distribute 150 thousand Bitcoins to people on this date, but only prepare and present a plan for how this process will work. But even that may not happen.
The party representing Mt.Gox has already delayed this process for a while. The said rehabilitation plan should have been prepared and presented in 2019, under normal circumstances. However, as a result of the applications made to the court, it was decided to extend this period twice in 2019 and 2020. If something like this happens again, the plan’s deadline will be delayed beyond 15 October.