Is it true that Mt Gox funds are going to get released? - page 3.

kryptqnick

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Quote from: mk4 on November 12, 2021, 10:36:06 PM

Unless the bitcoin that was stolen got retrieved, then no 150k BTC wont enter the markets. As far as I know(correct me if I'm wrong) MtGox will just give compensation to the victims, with bitcoin that are worth nowhere close to what the stolen bitcoin are worth today.

It's still great if they actually give the money to the victims. Is it possible to identify them and to ensure that people aren't lying they had money there only to get some BTC for free? Also, what they'll give back will be nowhere near if we consider the amount of Bitcoins, but at the time they were stolen, they were worth $450 million, whereas now there are $10 billion worth of BTC. So at least they could give people their dollar equivalent back or possibly 10 times more than that (or even 20x if they indeed spend most money on reimbursements like fuilpro quoted they plan to do). That's still pretty amazing, isn't it? Losing money years ago, and getting 20 times more than you invested, I mean.
I still don't believe that's how it will play out, but let's hope so.
As for the price, I don't think there'll be a big dump because giving money in bitcoins back to the victims or selling bitcoins via OTC deals won't make an impact.

pealr12

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No doubt if such amount will be released to the victims at once will cause a huge dump in the market, this Mt gox issue has happened when the btc price is not as high as this so it is very normal that the parties involved will be happy to sell it, except they will be paid in some percentage to maintain the price,
When exactly will this be happening? Hope it is not anytime soon since the markets is expected to pump anytime this month to next.

fiulpro

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What I came across is this news regarding the Mt.Gox funds :
https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.bloomberg.com/news/articles/2021-10-20/mt-gox-trustee-says-creditor-reimbursement-plan-is-approved&ved=2ahUKEwignuTE4ZT0AhWSn4sKHXQdCUYQFnoECAQQAQ&usg=AOvVaw2camr-9N1Zcx7R3fMrwBaB

Which is more related to the investors getting the share that they should be getting, so even if they do get millions in Bitcoins wouldn't it be their own personal choice to keep or to sell? That would mean even if the funds are released there is a huge uncertainty in the whole market regarding the pump or dump circumstance.

At the end of the day, things like these takes a lot of time, plus retrieving the stolen coins are not something that might have happened and there was no big news about it.

Other than that there is this small news as well :

Quote

Gox said creditors have approved a plan that will eventually lead to the distribution of more than $9 billion in Bitcoin. Creditors can elect to receive about 90% of the assets owed to them under the proposal that was ratified by a majority, according to the English language version of the announcement dated Oct.Oct 20, 2021

(taken from google)

That means it's 9 billion $ worth of Bitcoins, which would be distributed amongst people, the creditors, we should be aware but not scared of this happening for sure. Since this is bound to happen sooner or later and even if there is a small dip many other investors will run to buy Bitcoins, equalizing everything.

Anonylz

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Well, thanks for the heads up, am not aware of this, it could be a possibility if such an amount of btc were released to the victims, except just what @mk4 said, only compensation to the victims would be made, otherwise, it is something to be worried about,
Could it be the reason for this dip! Perhaps people are already reacting to the news, just wondering.

mk4

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Unless the bitcoin that was stolen got retrieved, then no 150k BTC wont enter the markets. As far as I know(correct me if I'm wrong) MtGox will just give compensation to the victims, with bitcoin that are worth nowhere close to what the stolen bitcoin are worth today.

Obito

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This didn't appear any news outlet that I am subscribed into, but if this is a real thing I think that we better get ready for something but not to be overly cautious, it's not like bitcoin's going to die when the possibility of dumping happens. I just hope that if it really happens, I have enough money to buy a decent amount of bitcoin to increase what I am currently hodling.

dothebeats

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I know for a fact that the funds were already approved by the creditors, but I haven't came across some news stating that it will be released this month. Any news sources or links to confirm the veracity of this statement would be helpful.

As for the $10 billion, I expect some of those will enter the market and some will be dumped in order for the victims to get done with the stress thr Mt. Gox event has caused them. With the recent price of bitcoin, there will surely be lots of people who will be tempted to liquidate immediately, and it will definitely have an impact on the market.

2double0

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I was told by a source that Mt Gox funds will be released on ~20 November, 2021 on the order of honorable court where the hearing was made. If it's a fact, will 150k btc worth $10 billion enter the market? And should we prepare for a big dump after this happens? The intention behind posting this isn't about spreading chaos but awareness about what may happen if Mt Gox funds will be released. This is a happy news for me, but scary too.

Topic: Is it true that Mt Gox funds are going to get released? - page 3. (Read 352 times)