Creditors of Mt. Gox took to Twitter to claim that rumors of an upcoming Bitcoin (BTC) sell-off are false, with one highlighting that the defunct exchange’s refund system is not yet up and running.
In a Twitter thread, Eric Wall filed as creditor of Mt. Gox and confirmed that there would not be a sale of 137,000 BTC, counteracting the rumors circulating on social networks. According to Wall, the exchange has not yet completed the necessary infrastructure to start the refund process.
Additionally, Wall also said that for the time being, people still cannot register where to send Bitcoin and Bitcoin Cash (BCH) payments. The creditor also believes that the payments should occur in various timeframes, dismissing fears that thousands of Bitcoin will be sold in one fell swoop, plummeting the price of the cryptocurrency.
Wall also pointed out that the cryptocurrency exchange has not yet provided a date on when it will proceed with its refund process. Following this, the creditor also argued that even if BTC were released, it would rather buy than sell due to current market conditions.
Eight Global CEO Michaël van de Poppe also stressed that distribution will be delayed. He tweeted:
BREAKING:
Gox will not be releasing the #bitcoinand will delay the distribution, once again.
The entire crypto space was stressing out heavily on this, but unwarranted.
— Michael van de Poppe (@CryptoMichNL) August 28, 2022
BREAKING NEWS:
Mt. Gox will not release the Bitcoins, and will delay distribution, once again.
The entire cryptocurrency space has gotten very stressed about this, but it is not justified.
Marshall Hayner, another Mt. Gox creditor, too confirmed who are not close to receiving their BTC. Hayner also assured the community that Many people who will receive their refunds from the exchange have no intention of selling their Bitcoin.
In July, Nobuaki Kobayashi, the designated administrator in the Mt. Gox rehabilitation plan, confirmed that the exchange is preparing to pay off its creditors. In the official document published, the exchange noted that account holders will have the option to receive payments in BTC or BCH. The rehabilitation plan was first approved in 2021. However, of the 850,000 BTC that is owed, the exchange only has 150,000 BTC to pay its creditors.
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