Bitcoin windfall coming for Mt. Gox creditors after decade-long wait and 10,000% price spike

Defunct bitcoin exchange Mt. Gox will soon begin paying back thousands of users roughly $9 billion worth of crypto in total.

Users of collapsed bitcoin exchange Mt. Gox have been trying to get their money back for a decade. From the beginning of July, the company will begin paying users back their funds.exchange that collapsed into bankruptcy a decade ago after a major hack, is finally set to repay creditors, who are being rewarded handsomely for their patience.

John Glover, chief investment officer of crypto lending firm Ledn, said creditors are about to get a historic windfall. Mt. Gox blamed the bitcoin disappearance on a bug in the cryptocurrency's framework. While users were receiving incomplete transaction messages when accessing the exchange, in reality coins may have been illicitly moved by hackers out of their accounts, Mt. Gox said.distributions to the firm's roughly 20,000 creditors would begin next month. Disbursements will be in a mix of bitcoin and bitcoin cash, an early offshoot of the original cryptocurrency.

However, Glover, who was previously a managing director at Barclays, said there's still likely to be significant selling among creditors who, after years of waiting, have the opportunity to lock in massive gains.Analysts at JPMorgan Chase said the potential for heavy selling from Mt. Gox creditors creates "downside risk" next month, though it would be short-lived."Assuming most of the liquidations by Mt.

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Mt. Gox trustee to start Bitcoin, Bitcoin Cash repayments in JulyMt. Gox, the defunct cryptocurrency exchange, will start Bitcoin and Bitcoin Cash repayments in July 2024 after a decade of waiting.
Source: Cointelegraph - 🏆 562. / 51 Read more »

Mt. Gox to distribute $9 billion of bitcoin, bitcoin cash repayments from beginning of JulyMt. Gox is set to begin distributing bitcoin and bitcoin cash repayments from July, according to the Rehabilitation Trustee.
Source: TheBlock__ - 🏆 464. / 53 Read more »

Mt.Gox could flood exchanges with $9 billion in Bitcoin and Bitcoin Cash in July 2024Mt.Gox, a defunct cryptocurrency exchange platform, was exploited in 2014.
Source: FXStreetNews - 🏆 14. / 72 Read more »

Cryptocurrencies Price Prediction: Ethereum, Bitcoin & BinanceMt.Gox, a defunct cryptocurrency exchange platform, was exploited in 2014.
Source: FXStreetNews - 🏆 14. / 72 Read more »

Bitcoin exchange balances ‘overrated?’ 140K BTC Mt. Gox payout sparks debateBitcoin pundits hold differing views on the Mt. Gox payouts versus BTC price strength.
Source: Cointelegraph - 🏆 562. / 51 Read more »

The Protocol: Blast's $3B Airdrop and Bitcoin's Mt. Gox MomentBradley Keoun is the managing editor of CoinDesk's Tech & Protocols team. He owns less than $1,000 each of several cryptocurrencies.
Source: CoinDesk - 🏆 291. / 63 Read more »