From March 10, 2023, the creditors of the defunct cryptocurrency exchange “Mt. Gox” may start receiving payments, unlocking an astounding 137,890 Bitcoin (BTC) worth over $3 billion at the current market price.
The current price of BTC is $22,378 at the time of writing. Industry specialists are speculating whether the creditors will sell or hold their Bitcoin upon the repayment from Mt. Gox after waiting for about 9 years.
The deadline set for the repayment is September 30, 2023. When the creditors lost their funds in 2014, Bitcoin was worth only around $800, but now they are making a huge profit as Bitcoin price has exponentially risen since then.
2014 saw the theft of 850,000 Bitcoin by hackers from Mt. Gox. The exchange has recovered 142,000 BTC, 143,000 BCH, and 69 billion Japanese yen ($510 million), or nearly 20% of the total amount stolen.
Last month, the two largest creditors of Mt. Gox selected an early payout in Bitcoin rather than fiat currency. It’s still being determined how this repayment will affect the crypto market or whether it will result in noticeable changes in the space.
Also Read: Mt. Gox Creditors’ Deny Rumors of 140K BTC Dumping
