Mt. Gox Unloading $9 Billion of Coins into Market

( – A bitcoin exchange, Mt. Gox, which collapsed about ten years ago after a hacking incident, is looking to return billions of dollars worth of coins to the users.

Mt. Gox is a Tokyo-based bitcoin company that went bankrupt after getting hacked. They are now looking to release nine billion dollars worth of tokens to thousands of users. This payout was from a protracted bankruptcy process that was extremely delayed.

A court-appointed trustee looking at the bankruptcy proceedings said that the firm would begin distributing the coins to twenty thousand creditors, which would be a combination of Bitcoin and Bitcoin cash. This is beneficial for those that were affected by the hack, but the price of Bitcoin has been steadily decreasing.

Mt. Gox was originally one of the largest Bitcoin exchange spots globally that handled about eighty percent of the whole global dollar trades in Bitcoin. When it crashed a decade ago, Bitcoin was at six hundred dollars per coin, whereas now it’s sixty thousand dollars per coin.

Those that will be reimbursed have seen the price surge more than ten thousand percent. The chief investment officer of crypto lending firm Ledn, John Glover, said that this would most likely translate into huge sales in bitcoin.

Said Glover, “Many will clearly cash out and enjoy the fact that having their assets stuck in the Mt. Gox bankruptcy was the best investment they ever made.” He continued, “Some will clearly choose to take the money and run.”

″Consequently, the market is highly sensitive to any related news. With the announcement that the Trust will begin selling in July, investors are understandably worried,” says head of research at CoinShares, James Butterfill.

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