{"id":511391,"date":"2024-04-24T10:36:45","date_gmt":"2024-04-24T10:36:45","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=511391"},"modified":"2024-04-24T10:36:45","modified_gmt":"2024-04-24T10:36:45","slug":"mt-goxs-9-billion-bitcoin-repayment-may-spook-markets-pressure-bitcoin-k33-says","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/mt-goxs-9-billion-bitcoin-repayment-may-spook-markets-pressure-bitcoin-k33-says","title":{"rendered":"Mt. Gox’s $9 Billion Bitcoin Repayment May \u201cSpook” Markets, Pressure Bitcoin, K33 Says"},"content":{"rendered":"

Over $9 billion in Bitcoin from the <\/span>Mt. Gox<\/span><\/a> era could return to the crypto space in the next few weeks to  “spook the market” and exert selling pressure on Bitcoin, K33 Research said.<\/span><\/p>\n

More than $9.4 billion in BTC and $72 million in Bitcoin Cash (BCH) is owed to Mt. Gox’s 127,000 creditors, along with an additional 69 billion Japanese yen worth around $445.8 million.<\/span><\/p>\n

“Mt. Gox coins could become a relevant negative price contributor in the next weeks,” K33 Research analysts Anders Helseth and Vetle Lunde wrote in an April 23 note.\"Mt.<\/span><\/p>\n

Updates Started Appearing On Reddit<\/span><\/h2>\n

Rumors about the impact of the impact on the Bitcoin price started to circulate on Reddit earlier this week after some of Mt. Gox’s creditors said they <\/span>saw updates<\/span><\/a> regarding their claims. These updates included how much crypto and fiat is owed to creditors, and repayment dates also were mentioned.<\/span><\/p>\n

Many have identified this as an indication that crypto <\/span>payments<\/span><\/a> might soon be executed. If true, creditors could start seeing Bitcoin paid back to them within the next month. <\/span><\/p>\n

This is under the assumption that crypto payments follow the same payment schedule as fiat payments, the K33 Research analysts said in the note.<\/span><\/p>\n

Although the release of the crypto might not lead to immediate selling pressure, the analysts believe that the collective size of the payouts is large enough to “spook the market.”<\/span><\/p>\n

Mt. Gox Collapsed In 2014<\/span><\/h2>\n

Mt. Gox<\/span><\/a> collapsed in 2014 after it fell victim to a series of hacks that went unnoticed for years. After being left in the dark for more than a decade, creditors finally started <\/span>receiving communication<\/span><\/a> from the Mt. Gox trustee at the start of this year.<\/span><\/p>\n

Some creditors reportedly received Japanese yen repayments towards the end of 2023. More creditors said that they received further fiat transfers in March this year, K33 said.<\/span><\/p>\n

\n

Mt. Gox’s 142,000 Bitcoin Payout<\/p>\n

Trustee announces payout plan: 142,000k BTC, 143k BCH, & 69 Billion Yen to be distributed. <\/p>\n

Repayment possible by Oct 31, 2024 pic.twitter.com\/n0iOYYmZUk<\/a><\/p>\n

— Kashif Raza (@simplykashif) April 22, 2024<\/a><\/p><\/blockquote>\n