As we previously reported, on October 15, Mt. Deadline for the Gox exchange to submit a repayment plan to creditors. There is speculation on the potential impact of creditors demanding more than 150,000 Bitcoins, about 15% of the total value owed.
Mt. What You Need to Know About the Gox Case
Mt. The Gox case has been going on for years, and while it’s not the biggest attack against a cryptocurrency exchange, it’s arguably one of the biggest.
In a document published on June 30, the Tokyo District Court decided to extend the deadline of the repayment plan until October 15 to compensate creditors. In other words, if the court does not postpone this deadline again, we will have more clarity on how and when creditors will start receiving their BTC on October 15th.
So far, more than a thousand creditors have claimed over 150,000 bitcoins representing about 15% of BTC lost during the hack.
Market Impact of Mt.Gox Exchange
In a recent Twitter thread, well-known cryptocurrency advocate and investor Mr. Whale discussed the potential impact on the market if 150,000 Bitcoins were returned to creditors on October 15th.
Mr. Whale essentially stated that this deadline has been withdrawn many times, but still “it is important to consider the devastating impact it could have on the markets.”
User Mt. Gox was the largest BTC exchange at the time and was responsible for over 70% of Bitcoin transactions. At the time of the attack, one Bitcoin was worth about $ 400, while it is currently trading at over $ 10,000, an increase of more than 2400%.
It should also be noted that the probability of any creditor to buy Bitcoin is very low. The deadline is for submission of a repayment plan.
150,000 Bitcoins are currently worth over $ 1.6 billion. It is expected that the refund process will take some time and possibly spread over time. Nevertheless, it should be considered that most creditors are likely to want to make a profit.