Topic: Mtgox coin is moving from cold storage (Read 377 times)

https://www.coindesk.com/markets/2024/06/24/mt-gox-to-begin-bitcoin-bitcoin-cash-repayments-in-july/

There is no doubt that the price will be greatly affected if these compensations are sent in a short period, because there is also no doubt that those affected will rush to sell part of those compensations that they will receive, because after ten years we can be considered early investors, and the value of Bitcoin has multiplied several times compared to its value in 2014, the date of the hacking.

The article mentioned that sending compensation will begin during the first week of next July and that there are protective measures that will be taken accordingly, meaning that it is not a requirement that the sending be done all at once and the impact on the market must be taken into account since the effect may exceed the crypto market to stock exchanges.

The article also mentioned that there is a specific deadline for sending compensation, which was set by a Japanese court, not to exceed October of the current year, 2024. This means that there is ample time for three months during which the compensation transactions can be divided.

Personally, I am not afraid for the Bitcoin Cash market because it is a fragile market by nature and could collapse because of this, in addition to the fact that its beneficiaries would not have dreamed of this additional reward. The Bitcoin Cash market may witness serious turmoil due to this, unlike Bitcoin, which will not collapse completely, and its price will decline as a result, without really losing its value, which will return with the price movement upwards after that in the future.

@STT. You might be correct and this might also imply that many people in the cryptospace at present might be waiting for October before they begin buying bitcoin and other cryptocoins again hehne. However, as a contrarian if everyone begins being very much bearish, I become more bullish. We have already witnessed that much of the people are wrong on predicting the market. I reckon we are not yet in the highest feelings of bearishness hehehe. This might be on August.

They wont move all the coin at once into sale, it'll be distributed over time just like a stock issuance or IPO is done.  It makes no sense for them to swamp or throw it out and cause harm to the price which is what gives that asset sale its value.  Its a normal situation they will know how to deal with it by various contracts and swaps with dealing parties, BTC is developed enough to handle the traffic.

We also have enough good news this year with the ETF being allowed that BTC volume can be soaked up even on this scale.   Its work to do but plenty of traders and trading companies are happy to have that business is my basic take.  I'm glad to buy into any weakness anyway, if there is any noticeable dip its a buying opportunity when its given for reasons like this.

Short term investor lol they always sees Bitcoin investment as a get rich quick scheme they only go for smaller profit forgetting that Bitcoin investment is more profitable in the future, short term investors lacks patient refusing to hodl to their Bitcoin for a longer period of time.

“Short-term investors” Is that a thing? Sounds like an oxymoron to me or maybe just a way to class up the term trader. Sort of like calling a janitor a cleaning technician. Regardless, I’ll make sure to post here when I receive notification that BTC has been distributed so the short term investors can flip their bags. Lol

Of course, all creditors have been waiting for their share of Mtgox, we shouldn't have to worry about what they should get. I agree that the market will react to Mtgox's plans, but I don't plan to let go of my grip on bitcoin for a while. Markets can rise and fall regardless of the cause, so let's just wait for a recovery if the market really goes down. The main plan is to keep holding, while the second plan is to accumulate if you have a saved budget.

This needs to be a concern for some traders or short-term investors, maybe there will be negative sentiment for bitcoin and some people will definitely withdraw their positions in spot and move them to stable coins then they buy again at lower prices to accumulate more bitcoin.

I myself if there is indeed a movement made by Mt.gox to pay out its credit to its customers may take a short position to benefit from the red market situation, but we still don't know for sure how mt.gox will do it and when it will definitely share it because indeed from the past time they keep delaying and delaying.

I would partially agree, the people who are still into Bitcoin will continue to HODL while
those who are no longer HODL'ing will more than likely cash those Bitcoins as they
will be in massive profit at this stage.

The market will react to this MtGox payout, its been hanging over everyone  for a very
long time and it will be good for everyone to get it finalised and becomes another part
of the MtGox history. It also means all the questions and speculation over "what will
happen when the MtGox Bitcoins are paid out?" will be final. . . we can all move on.

Oh dear - I heard a warning message today from the bitcoin legends. Of course this news will be a cause for concern among holders and investors - I can even imagine the market will react in line with the entry of this bitcoin mtgox on the market. I don't expect distribution at once from mtgox to all of its creditors - if this happens, a severe panic would see the price of bitcoin drop below $40K.

But here are the risks that need to be considered - loss and gain are clear consequences. Mtgox should find an effective way to gradually distribute it to all its creditors - this will have a good impact on the market. Big dump may occur if mtgox chooses the distribution scenario all at once.

Nah, you guys are both poor, but if those amounts are bought or converted to BTC that time, then that must've been huge right now. If only that is the ones that Mt.Gox counts to be refunded, then I won't moved on just yet. Other people have lost bigger amounts than you guys and they might also needed it badly, so yeah that it was nice seeing them get paid and it can help to re-gain the confidence of the people here in crypto that was once lost or almost lost already due to the number of scams and failed projects happening around.

You are lucky but not all are like you, maybe because they are not aware that it is coming or they are busy outside that time.

I received an email today stating that the USD portion of funds from mtgox is done being repaid to creditors. This alongside the moving of BTC makes it pretty clear that they’re getting their BTC distribution software ready to go. The next 3-4 months will likely be when this BTC is absorbed by the market, but if they distribute it slowly over that period of time it to ably wouldn’t be noticeable. Let’s hope it isn’t an all at once thing.

This has been happening for years, every now and then someone puts out a story about how the bankruptcy trustee will start distributing coins and that it will crash the market. Now there is some truth in the fact that something is happening, but I look at it from an optimistic angle - those who would have sold BTC anyway chose cash payment, and those who chose BTC logically should not sell immediately.

Although there is no doubt that those who want to buy as cheaply as possible will always try to take advantage of every "negative" news - but I am personally glad that the end of that drama can finally be seen. Honestly, I have been reading and hearing about it for ten years and I wonder how it is possible that something can last so long considering that it happened in Japan, which was once known for its efficiency in everything.

I had about similar situation, but I was certainly much much richer than C10H15N, he is a poor person, I am super wealthy, I had 4 dollars in it Lol, all jokes aside I gave up on that long time ago as well and not really considering to do anything to get it back, because it is just four dollars BUT nevertheless I like seeing others get paid.

If this whole thing finally ends one day and they all get paid and nobody has any money left that they are chasing, then I feel like that is going to be fine. MT.Gox basically made it obvious that they are going under a few months before it all began, so I took all my money out and at the time blockchain.info (now .com) was becoming bigger, so I put all my money there, now it is not even there.

Glad so see an old head like you (no offense). Good luck to those claimants this October, really hard to see how big/small it is, but maybe it might put a dent on the price. And recently, we have seen the price going down this month again, so it's not good.

Although technically, we should be in the bull run by now, but it seems historically June is a down turn to us.

Nevertheless, we should keep an eye in the next 4 months or so and there could be entities who's going to take advantage of this news to create chaos in the market to bring down the price and for them to buy more.

I was joking.  The $1.23 was dust in the account not worth the transaction fee or the time/effort to pursue.  I consider myself incredibly fortunate to have exited gox before the collapse.  It drove home the point "not your keys - not your coin" in a way that has served me well.

Good luck in recovering your coin. 

They already returned the fiat portions they owed to everyone. If you gave them proper banking information and registered your claims on time you should have already received it in the last few months. I haven’t received any BTC from mtgox yet, but will report it when I do.

I bet I'll never see the $1.23 they owe me...   

Regardless what will be the occurrence, if there will be a dump, we are post-halving already and for sure you know that this is the catalyst for a eventual bull run. So it might just be a short term effect to us, but in the long run, the price is going to be on parabolic rise.

And again, if in October there will be a dump because of the Mt Gox effect, then another golden opportunity to accumulate. So let's just be positive that at the end of it all, good things are going to come for us in the future and finally, we can rest this case and the skeleton is out of the closet already.

No one knows what actually is about to happen until it does. But you're right, we've got some up as of today and if someone out there is wanting to buy some before another great surge comes. Then, it's best to wait for that dump to occur first as it's like pull and push effect with these news and for sure a dump will come again. I'm not just sure about how big it is going to be because the big one that we're waiting for might be the one that have we've seen on $58kish.

Agreed, we knew of this information already. However, this news might also be taken as a reminder for others that the chance of a big dump is coming soon and cause everyone to be fearful. I reckon it might be better to wait for this big dump occurrence before everyone begins buying again.

I cannot predict the future, however, we can be certain that some of the altcoins with communities that continue to support them will survive a big dump.

And we can't blame them if they will do such a thing and sell and market dumps right away in October, but It will just be temporary though. We are in the bull run cycle and so I doubt that even Mt. Gox sellers will affect the market very hard.

On the contrary, there could be investors thinking of still holding their BTC and just wait how the market will be next year 2025 as we have said, it will be very bullish. But as far as I understand, there could also be investors getting fiat and not crypto and the trustee might have sold some out of the total crypto already.

I know I’ll be selling my Bitcoin Cash as quickly as possible as soon as I’m aware it has hit my account. It won’t be much anyway to be honest, but I agree with you that most people probably won’t want to hold onto these coins. A lot of the BTC will get dumped too, but it will only be a temporary issue. 2025 will be bullish from day 1.

We all knew one day it would finally come and those coins would move. Bitcoin at the moment isn’t really shaken up by the market. As you can see there was not much movement due to the news. Maybe because it’s another 4-5 months before it’s actually sent to the retail users.

Bitcoin might survive this dump but I wonder what will happen to BitcoinCash. I am sure many will want to hold some bitcoin but Bitcoin cash most likely they will liquidate. Should be interesting to watch.

@cryptomaniac_xxx. This does not concern shock or to surprise everyone. This is only a reality that there might be an occurrence that will not be good for the price of our coins. In any case, I wish that the creditors will not dump everything on everyone's faces with our mouths open on 1 day hehehe.

However yes, everyone should be ready on October 2024. This will be judgement day.

So why is everyone surprise though?

Mt. Gox trustee Nobuaki Kobayashi has released a statement prior to the movement. And this is in preparation of the repayment this October 2024. And with that it's seems that there are no postponed as historically, we have see a lot already and it's about time that Nobuaki Kobayashi pay all it's creditors.



https://www.mtgox.com/img/pdf/20240528_announcement_en.pdf

I dont think they want to dump them if there are buyers available, they will match the supply they have to the demand available and there's ongoing demand so I wouldn't say dump especially.     The best allocation and price achievable wont by swamping any particular market or exchange available.

Anyhow BTC is above the 50 day average now after remaining below for over a month previously, so we remain positive ongoing in that medium term type indication.    I'm optimistic to that extent but also waiting for the overall range bound meta to be disproven and us to move past that limitation.   It might be a good explanation of the stasis seen in price if this amount of selling were hanging over the market also in perception somehow.

And so we should be happy for the creditors if they are going to get their BTC back after a long time. We all know that this is like a ghost in the closet that we need to get out and finally rest. It's been a long battle for this people and finally they are getting to be paid.

It's just a small correction that we are seeing in the price if someone wanted to speculate, there are no huge dump so far. But regardless if there is, we could understand the frustrations of this creditors to finally sell and take the money. Or who knows, maybe they will continue to hold because we are in a bull run already.

The duration of since this Mt.Gox hack has definitely be longer and if people actually get the equivalent amount in bitcoin right now, all of them will be in massive profits now. They will definitely take profits to sort out some things but I will disagree with you that everyone will sell their bitcoin. This is bitcoin In question and not Altcoins which they don’t have value and should be considered a short time fees. I think may propel will just move out the coins to a more secure cold storage and hodl. With even the upcoming bull run many will be tempted to hodl and probably take profits later,

Panic will come from outside bitcoin holders, many could result into selling off their holdings with the same intention that the sharing will cause a dump. Aside this many investors I think will hodl their bitcoin.

I just hope that it is for the actual distribution of the people that have been affected by this debacle. It's long overdue for this decision but doing this on a potential bull run will certainly give a lot of hearsays and rumors about the potential dumping.

I am sure that whoever receives it, for example the victims, they'd definitely going to dump that for sure as it's been so long since their money should be on their hands.

It's still a developing story but we get this a lot whenever huge amounts are transferred from point a to point b.

It is certain that the compensation received by creditors will definitely be sold they have earned for many times over after waiting for a long time, but in the end we still ask when is it done to creditors? When Bitcoin from the mtgox wallet was moved alone it created a bit of panic let alone circulating in the media by saying something exaggerated, so who is not panicking about this.

Well, it is thought that compensation to creditors will not be simultaneous, maybe some know or need more valid data from creditors, I don't understand this matter, what is clear is that mtgox they may continue to delay compensation.

Mentally weak, they will definitely follow this news and try to get out by disposing of their assets, maybe because they are afraid of loss.

Any person who receives compensation from Mt. Gox will likely take all of its bitcoins to exchanges to sell. Of course, this is a sign that the market will soon be bearish if Mt. Gox really does, but luckily they haven't been too trustworthy with all their promises so far.

Panic can occur among holders and investors, while whales can take advantage of this situation to break down your mentality. Even if Mt. Gox will pay that compensation, so they will do it in stages and will not give all the bitcoins to all recipients in one stage. The market would really collapse if they did it in one stage, and they could lose a lot because of it.

When bitcoins are moved in large quantities it will cause a polemic and a slight correction for the market article it could be a fud and assume Mtgox will soon pay off to its creditors but this has not happened when even after they waited for many years.

I don't know how much the total number of victims is but when it reaches billions of dollars then it will be a lot of victims anyway they will definitely need more time after being promised before.

I'm not panicking at all with this news, if there is a significant drop then it's time to buy but realize there will be many people panicking with this news.
And is it true that the creditor at the time of the loss was at the price of $1100 / bitcoin? This is just reading local media news.

But what about those promises that they have made on the past? I think those were officially came from them. I'm surprised that we still have this issue about them distributing the lost coins to their customers. Now is this what you called as serious? Oh well, that was still better than not settling it at all.

A few billion dollar is actually a very huge amount and it's not that far away from a trillion. It can surely shake the market but we must not worry because it will soon normalize once the receiver of those coins sell it for profits because this is where they missed on the past and this is the reason on why they invest on that shady company.

I'm not their victim but I honestly don't see them being serious about compensating victims. It's been over 10 years and nothing has changed, no one has received their money yet and do you think Mt.gox is serious about compensating their victims?

I also heard about this news but for me this is just Fud, nothing more and nothing less. Regarding whether Mt.gox really wants to pay users or not, I will not judge until everyone receives compensation. I think people are tired of all the news related to Mt.gox over the past 10 years.

there is no certainty that mt.gox will distribute the coins to creditors, since there is no official explanation from mt.gox or other sources. even when they distributed the coins, it didn't have a significant impact on the market, since it was only a few billion dollars, compared to the trillion dollar bitcoin market. however, this is enough to give creditors peace of mind, since mt.gox has shown their seriousness in providing compensation to people affected by their case.

What's going to happen after the distribution though, I just hope that the price can go down after this distribution to the people that got wronged by Mt. Gox because I have my $1000 ready here to get into bitcoin, no way I'd miss out with a big possibility happening. @Apocollapse is right though, we can't talk much about what can happen but I hope that the price will go down though.

Hmmm, all the coins from many cold storages moved to new address, this is interesting, but we can't say too much.

Probably the new address is the new Mt.Gox cold storage? there's a possibility.

It was been mentioned the refunds are going through banks and exchanges, so if the coins didn't moved to exchanges, the refund is not yet started.

According to @Wublockchain, Mtgox moved $1.14 billion in bitcoins to a new address. Their source is from Arkham explorer but I cannot access this. However, this is the transaction id.

05fb921664c07480f2eae981a96c91bb4cda0a6e9b5d8c10b0fe1e93f8d84f3a

It appears that the trustee is preparing to distribute these coins to the creditors and make them ready for dumping?

Source https://twitter.com/wublockchain/status/1795276021396279693?s=61&t=fx2RmsbaS0qNJTJTdpNu2w

It also appears that there are more transactions received by this new wallet, $5 billion of bitcoins in total!

https://platform.arkhamintelligence.com/explorer/address/1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6