$2.1 Billion in Bitcoin Still Held by Mt. Gox After Repayments
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Mt. Gox has completed repayments to more than 17,000 eligible creditors in Bitcoin (BTC) and Bitcoin Cash (BCH), confirming receipt through exchanges like Kraken. The exchange still holds 32,899 BTC worth $2.099 billion after moving 33,960 BTC to BitGo in July. Further BTC movements continue to designated exchanges.
Rehabilitation trustee attorney Nobuaki Kobayashi details that repayments to other creditors will occur after completing due diligence and other processes. This repayment marks the near end of a decade-long legal ordeal.
The market is bracing for potential impacts, wary of how much repaid assets might be sold. Prominent traders and researchers speculate on the impact, with some suggesting long-term holders could absorb the sell-side pressure. CoinShares' Luke Nolan offers an optimistic view, stating Bitcoin's liquidity might soften any sales impact. Unlike Bitcoin, Bitcoin Cash could see more selling pressure from creditors.
Source: beincrypto.com ↗
