After eight years of waiting, the drama surrounding the Mt.Gox hack seems to be coming to an end. The bankrupt bitcoin exchange will return at least part of their deposits to victims. This is from a new one document of the Japanese insolvency administrator Nobuaki Kobayashi. Specifically, the paper states:
The Recovery Trustee is currently preparing repayments in accordance with the approved recovery plan.
However, a specific date for when the payments will actually begin is still pending. In the course of the proceedings, the insolvency administrator has a site set up, where affected investors can register in order to be eligible for the repayments. In addition, injured parties can decide whether and in what form compensation should take place. There are three options to choose from: Cash, Bitcoin and/or Bitcoin Cash.
The restructuring plan has been in place since November last year after the project was approved by a Japanese court. At the time, however, it was still unclear whether investors could also hope for a refund in Bitcoin. These concerns are now off the table, but according to media reports, of the 850,000 BTC originally stolen, only 150,000 BTC are available for payouts.
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Crypto experts fear Bitcoin sell-off
Nevertheless, crypto experts fear a BTC sell-off. The hack on the former Bitcoin exchange was eight years ago. For many investors, the price has increased at least twentyfold since then. The fears are that injured parties could now throw their holdings onto the market in order to benefit from the performance of recent years. So says BTC-ECHO market expert Stefan Lübeck:
After years of waiting for customer deposits to be released, former Mt.Gox users may increasingly consider selling their bitcoin holdings. At the time of the hack in February 2014, the price of one bitcoin was around US$600. Accordingly, the injured users could now sell at a thirty-fold bitcoin price.
Ki Young Ju, CEO of data analytics service CryptoQuant, provides a tool that allows traders to set price alerts once Mt.Gox payouts begin. “So far it’s quiet,” writes the CEO on Twitter.
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