150K BTC Compensation for Mt. Gox Victims is about to Unlock, A Nightmare for Bitcoin?

Bitcoin (BTC) is currently haunted by a big selling nightmare in the market that could affect the price of BTC to be more deep. It is not impossible because as much as 150K BTC will circulate and are on the edge of selling. The 150K BTC is the compensation amount of Mt. Gox to its creditors for the hacking incident almost a decade ago, in 2010.

In a new correspondence dated July 6, lawyer Nobuaki Kobayashi, who is entrusted with handling the rehabilitation process for Mt. Gox in the aftermath of the hacking incident, confirmed that it was “preparing to make repayments” to creditors.

In official correspondence, Kobayashi did not give an exact date to start payments. The rehabilitation plan was initially approved in 2018 and confirmed in October 2021. Of the initial 850,000 BTC lost to the hack, only 150,000 BTC was reported to have been recovered. -mads