Defunct cryptocurrency exchange based in Japan, mount gox has taken the next steps towards its process of distributing bitcoin to customers who were previously affected by its crypto-theft/” rel=”nofollow”>2014 hacking attack. The crypto exchange has sent mass emails to account holders while confirming the wallet addresses of people eligible for their payment process.
Mt. Gox prepares for bitcoin payments
Recently, account holders at Mt. Gox reported In a Reddit post they have been receiving new emails from the crypto exchange regarding an identity verification and confirmation procedure initiated by the exchange.
Mt. Gox revealed that it has started confirming the wallet addresses of users who had official accounts on the crypto exchange and had successfully completed their identity verification processes. The crypto exchange also revealed that it would distribute bitcoin (btc) and bitcoin Cash (BCH) as part of its payment process to account holders, with the pay ranging from 142,000 btc to 200,000 btc.
Additionally, Mt. Gox revealed that rehabilitation bitcoin-repayment-deadline-mt-gox-trustee/” rel=”nofollow”>trustee has shared customer data with the custodian to facilitate the account verification process. The crypto exchange warned that customers with disabled or frozen accounts may not be eligible for the fund distribution program.
In September 2023, Mt. Gox declared a bitcoin-repayment-deadline-mt-gox-trustee/” rel=”nofollow”>extension of your repayment period from October 2023 to October 31, 2024, attributing the decision to the need for further discussions to ensure the proper disbursement of funds. During December 2023, the crypto exchange encountered a slight hiccup in its payment distribution process after it announced that it had involuntarily issued bitcoin–btc/” rel=”nofollow”>double payments to specific users.
Following the error, Mt Gox urgently asked these users to return excess funds, warning of possible legal consequences and the possibility of being excluded from the refund plan scheduled for the end of this year.
This year marks almost a decade since Mt. Gox suffered a hacking attack that resulted in the loss of 850,000 bitcoin. Recent developments in the payment process bring hope to former crypto exchange customers who were negatively affected by cyber theft.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/01/Mt-Gox-begins-verifying-addresses-for-200000-BTC-payments" alt="Tradingview.com bitcoin Price Chart” width=”3266″ height=”1530″ loading=”lazy”/>
btc price reclaims $40,000 | Source: BTCUSD on Tradingview.com
btc faces $20,000 drop if Mt. Gox customers begin bitcoin liquidation
bitcoin-mt-gox-confirms-repayments/” rel=”nofollow”>Around 200,000 btc Currently worth over $7.7 billion, it is expected to spread across multiple wallet addresses owned by Mt.Gox creditors. This raises concerns about the potential impact this bitcoin distribution could have on the cryptocurrency market.
Currently, Mt. Gox's 200,000 btc payment amount exceeds the total value of btc-updates-sans-impairment-losses/” rel=”nofollow”>Microstrategy and bitcoin-bet-profit/” rel=”nofollow”>El Salvador's bitcoin holdings, which are among the largest in the world.
With bitcoin-price-crashed-below-40000/” rel=”nofollow”>bitcoin currently at $39,909, if Mt.Gox account holders receive their refunds and attempt a sell-off to take their profits, which have grown by a substantial 99,900%, the price of bitcoin may fall below $20,000. This would be a monumental drop for the pioneering cryptocurrency, sending prices back to half of their current market value.
Featured image from Inside Bitcoins, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
