After years of waiting, the bankruptcy process of Mt. Gox, once the world’s largest Bitcoin exchange, is finally close to disbursing its assets. The process has been ongoing since the exchange filed for bankruptcy in February 2014, citing $64 million in liabilities.
One of Mt. Gox’s largest creditors, a crypto firm, has announced plans to keep the Bitcoin that is returned to them as part of the disbursal process. This news has put investors on alert for any sign of Bitcoin sales that may follow, which could potentially affect the cryptocurrency market.
Mt. Gox’s bankruptcy process has been a long and complicated one, with investors left waiting for years to recover their funds. The exchange was once the largest Bitcoin exchange in the world, handling over 70% of Bitcoin transactions at its peak. However, a major security breach in 2014 resulted in the theft of 850,000 Bitcoins, worth over $450 million at the time.
Since then, the bankruptcy process has been ongoing, with creditors fighting over the distribution of the remaining assets. However, the recent announcement from the crypto firm has provided some clarity on the situation, indicating that the assets will soon be disbursed.
While the news that the crypto firm plans to keep their returned Bitcoin is not unexpected, it has raised concerns among investors. The sale of a large amount of Bitcoin on the market could potentially cause a price drop, as seen in previous instances where large amounts of Bitcoin were sold.
As the Mt. Gox bankruptcy process nears its end, investors will be closely watching for any signs of Bitcoin sales that may affect the cryptocurrency market.
