Bitcoin plummets after Mt. Gox begins paying its creditors
Bitcoin fell to its lowest price in four months on Monday after news broke that the Mt. Gox exchange had begun to settle its decade-long debt.
The main digital asset touched today a price as low as USD 53,485levels that have not been seen since February 26, 2024, as can be seen in the following graph.
The crash occurs after the address associated with the defunct exchange Mt. Gox transferred 47,228 BTC (almost $3 billion at the time) to a new address, chain analysis firm Arkham Intelligence revealed early Friday morning.
A few hours later, Mt. Gox posted on its website that it had begun paying some of its creditors their debts in Bitcoin and Bitcoin Cash through designated exchanges, with the rest of the payments to be made after certain conditions are met.
Mt. Gox was the main exchange during the early days of Bitcoin, accounting for 70% of trading volume by 2014, the year it was hacked with losses estimated at 740,000 BTC. Ten years later, there are still people waiting to receive their funds back. The trustee for the rehabilitation of the defunct exchange announced on June 24 that they would begin to settle their debts this July, as reported by CriptoNoticias, which generated expectations in the market due to the impact that an entry into circulation of such an amount of capital could have on the price.
According to previous announcements, the total compensation will be 142,000 BTC, 143,000 BCH and 69 billion Japanese yen (JPY), to be made before October 2024. This means that There are still around 95,000 BTC left to enter circulation.
