In 2014, Mt. Gox, the first bitcoin (BTC) exchange, went bankrupt. Customers of the exchange were supposed to get some of their money back after the infamous hack, but this has been going on for almost a decade now. Things seem to be finally moving forward, and after a long wait, we now have a date for the registration deadline.
mt. Gox bitcoin payout in sight
That explains Mt. Gox in a press release. Former users of the platform have until January 10, 2023 to register. They must also select a payment method in addition to their identity. In the era of the exchange, only Bitcoin and Bitcoin Cash (BCH) existed, therefore the compensations can also be paid in these two currencies.
In addition to a preference for assets, you must specify where you want it deposited. This can be your own wallet address, but also an exchange. Some exchanges have already announced their support for the plan, including Bitstamp. Victims can also opt for payment in fiat currency to a bank account, and holders also receive a one-time payment.
It is also unknown how quickly the tokens will be distributed after January 10. In any case, it is obvious that this will be relatively soon, as the tokens can fluctuate in value in the meantime.
Bitstamp is pleased to announce that we are supporting the rehabilitation process for MtGox creditors.
If you’re affected by this, find out more here: https://t.co/18bLcbjpKE$BTC #bitcoin #mtgox
— Bitstamp (@Bitstamp) Oct 6, 2022
No BTC crash through Mt. Gox payout?
In August, we wrote that while the payouts will release a large amount of BTC and BCH, it doesn’t have to lead to an abrupt crash at all. This is because the process takes too long, according to one of the creditors.
However, the release of the relevant amount can cause volatility, which no one can rule out. Unfortunately, it remains to be seen how long the process will take and who will be paid first. In theory, a total of about 137,000 BTC would be released, which is currently worth 2.7 billion euros. We do not yet know whether this is indeed the correct amount.