Key facts:
Creditors will be able to receive their funds in bitcoin, cash, or bitcoin cash.
The Mt. Gox heist cost the loss of some 850,000 bitcoins, the largest in history.
Victims of the hack of the now defunct bitcoin (BTC) exchange Mt.Gox, which cost the loss of more than 850 thousand BTC, could receive part of their holdings frozen as soon as August, in what could be translated as a threat of sale that could further damage the already turbulent market.
According to a mail sent by Mt.Gox to its clients on July 6, signed by Nobuaki Kobayashi, who is the appointed trustee in the fund rehabilitation process, the business is “preparing” to make payments to authorized customerswho could have access to the almost 150 thousand BTC recovered from the robbery, which occurred in 2014.
The communication establishes that customers will be able to choose how to receive their funds: by bitcoin itself, in fiat money or in bitcoin cash (BCH)with which they intend to compensate for part of what happened.
And this is where the market risk exists. According to the lawyer, 141,686 bitcoins will become liquid. This could lead to massive coin sales if investors so decide, since the price of bitcoin is above $20,000., according to the CriptoNoticias Price Calculator. This would further pressure the market and push BTC lower in price.
According to the communication, it is estimated that users will begin to pay from the end of August approximately«until all or part of the amortizations made are completed».
In addition, the trustee in charge of the Mt.Gox funds will be able to establish the period in which the BTC received by the creditors can be moved.
The payment to the creditors of Mt.Gox is made official after several months since the intention to compensate the more than 24 thousand affected was announced. As CriptoNoticias reported in October 2021, the trustee had already advanced plans to deliver part of the recovered and frozen funds.