The Bitcoin (BTC) price has risen by more than four percent in the past week. Various current situations are currently being cited as the cause. The crypto trading company sees this as the main cause QCP Capital a delay in the Mt. Gox case. The bankrupt exchange was supposed to distribute millions of Bitcoins, but has postponed this until 2024.
Bitcoin rises a few percent after Mt. Gox postponement announcement
Mount Gox was huge Crypto exchange which went bankrupt in 2014. At the time, the company processed 70% of all Bitcoin transactions worldwide. The platform went bankrupt due to a series of hacks that plagued the company for years.
In the years following the bankruptcy, people (mainly in Japan) were concerned about compensating those affected. In 2018, a “reorganization plan” was launched in Japan, where the company was based, to repay creditors. In October, thousands of Bitcoins (still owned by Mt. Gox) would be distributed.
However, this has been postponed until 2024. This is bad news for creditors, but… Bitcoin The industry benefits somewhat from this. Thousands of Bitcoins coming back into circulation create a large supply, causing the price to drop. At some point, Bitcoins will (hopefully) come back into circulation, but for now we can look forward to a rise.
Russian perpetrators of a series of crypto hacks face charges
The perpetrators behind the Mt. Gox hacks that contributed to the platform’s downfall, were charged in June of this year. From 2011 until the bankruptcy of Mt. Gox stole Bitcoin from the exchange nine years ago. This involves a total of 647,000 Bitcoins (3.08 percent of the total Bitcoin supply) with a current value of 16.5 billion euros.
The suspects are two Russians named Alexey Bilyuchenko (43) and Aleksandr Verner (29). After dividing the loot, they went their separate ways. Subsequently, with the help of this money and the Russian Alexander Vinnik, Bilyuchenko founded the infamous BTC-e exchange. Of the stolen tokens, at least 300,000 BTC went to this new company. BTC-e was known for this to launder millions in crypto.