Mt.Gox was one of the leading Bitcoin exchange platforms. It handled around 70% of transactions in the early years. But in 2014, the platform faced a devastating hack attack that drained 740,000 Bitcoin tokens. Everything has been downward since then, and the defunct platform is now planning to distribute tokens to the hack victims.
Mt.Gox, once a behemoth in the cryptocurrency exchange landscape, dominated nearly 70% of Bitcoin transactions in the early years. However, a catastrophic event in 2014 saw the platform
fall prey to a devastating hack attack, leading to the theft of an astonishing 740,000 Bitcoin tokens. Since then, a chain of delays has plagued the defunct platform's efforts to distribute tokens to the victims of the hack. Finally, Trustee Nobuaki Kobayashi announced on Monday that the Rehabilitation Trustee will make the payments in Bitcoin and Bitcoin Cash, following years of work to develop the Rehabilitation Plan. According to Nobuaki, repayments will begin in
early July. However, the community is advised to exercise caution and follow safety measures closely. The development has brought two crucial scenarios to light. In the first scenario, traders who acquired BTC in 2013 will now be able to purchase tokens at a higher price. This scenario suggests that they might hold a
substantial quantity of green trade, which they could sell to generate a profit. This scenario, in turn, fuels the second scenario, where the Bitcoin market could face selling pressure. It is only natural to assume that traders will liquidate their holdings if they have profits on paper. In a recent development, Mt.Gox made its first transaction in the last 5 years, shifting 140,000 BTC from the cold wallet to an unknown address. The total value of the transactions at the time of execution amounted to
$9 billion**. The Tokyo Court has set a deadline of October 2024 for the defunct platform to complete all settlements. Meanwhile, Bitcoin has been experiencing a downturn for almost a month, with the token declining consistently. It even stooped to a level that was closer to **$61,000. BTC was seen hovering below that level. For reference, BTC has fallen by 1.85% in the last 24 hours and 10.96% in the last 30 days. It is exchanging hands at
$61,111.14** at the press time. Prevailing sentiments are bearish amidst 3.31% volatility. Bitcoin could go as high as **$81,931 in the next 30 days. That would be a jump of 35.34% from the current value. The only factor that can thwart this prediction is the selling pressure that Mt.Gox brings to the market. Holders who receive their tokens may want to mitigate the risk of losing any more value, considering they are getting their tokens after a struggle of nearly a decade. Mt.Gox took its time to come up with a plan for settlements in Bitcoin and Bitcoin Cash, but victims of the 2014 hack now have a chance to make up for the losses they have suffered since then.
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