Mt. Gox Bitcoin Creditors Continue to Hodl Distributed Assets

Ten years since the collapse of the Mt. Gox exchange, creditors are still holding their Bitcoin, even after the asset has appreciated over 8,500%. Following the collapse of Mt. Gox, creditors received over $4 billion worth of BTC. Nearly half of the assets owed to these creditors have been distributed, but even after a decade of growth, they are still hodling.

Mt. Gox was a prominent Bitcoin exchange founded in 2010 and based in Japan. The exchange collapsed in 2014 following a hack. It processed more than 70% of all Bitcoin transactions at its peak. Mt. Gox lost 850,000 BTC in its security breach, making it one of the biggest hacks ever, and causing the exchange to close its doors.

The Kraken crypto exchange has worked in distributing the Bitcoin to creditors. This process wrapped up on Monday. However, no selling pressure was seen for the asset on the Kraken exchange in the hours following the BTC distribution. This suggests that the new hodlers of billions in BTC aren’t ready to cash in yet.

Bitcoin
Source – SkyNews

Also Read: WazirX’s $230M Hack Fallout: Binance to the Rescue?

Glassnode notes in a report, “Creditors opted to receive BTC, rather than fiat, which was new in Japanese bankruptcy law… As such, it is relatively likely that only a subset of these distributed coins will be truly sold onto the market.”

Bitcoin has exploded in price since 2014, rising to an all-time high of $73,000 this past March. Since the arrival of Spot Bitcoin ETFs, the leading cryptocurrency has performed greatly in 2024. However, experts believe that with cryptocurrency garnering more attention from the government, there is more room for BTC to rise. Thus, these Mt. Gox Bitcoin hodlers may have even more profits coming their way if they ever decide to sell.

  • bitcoin
  • btc

Comments

Post a Comment

Popular posts from this blog

Dogecoin Forecasted to Hit $1: Here's When

Image
Dogecoin, initially conceived as a humorous cryptocurrency, has witnessed a notable surge in both popularity and market value throughout its existence. The asset managed to reach a peak of $0.1063 earlier in the same week. However, at press time, DOGE was trading at $0.09657 with a 5% daily drop. Market Dynamics and Open Interest A pivotal factor propelling Dogecoin ’s recent surge lies in the notable increase in notional open interest linked to DOGE futures and perpetual futures contracts. According to data from CoinGlass, there has been a remarkable 58% surge in open interest over the preceding week, reaching a substantial $625 million. This figure stands as the highest since Nov. 2, 2022, and industry experts contend that this surge, coupled with the rising price, validates a significant upward trend in the market. The Path to $1 As Dogecoin gains momentum and successfully breaches various resistance levels, the prevailing question among investors centers on its potential to at
Read more

Crypto Analyst Discusses EOS’ EVM Launch After Talk With Rhett Pool

Youtube Channel Altcoin Daily posted a new video discussing the scheduled EVM launch by Layer 1 dApp platform, EOS. While the video states that many people would consider EOS a failure compared to what it could’ve been, the channel goes on about the platform’s 2023 comeback story. Altcoin Daily explains that EOS was created to prioritize dApp performance via faster transactions and lower gas fees. Moreover, it is more programming language friendly allowing developers to build applications using C++, Java, and Python. The channel adds, It [EOS] is a scalable version of Ethereum. Yet, they did sacrifice some decentralization. The video also highlights that EOSIO held the largest-ever initial coin offering (ICO) with over $4 billion in funds by selling one billion EOS in a year-long sale. However, the platform didn’t live up to the hype that the company behind EOS, Block.one, had promised its users, according to Altcoin Daily. After attending a conference with one of
Read more

SEC sues Kraken crypto exchange due to illegal operation

The U.S. Securities and Exchange Commission has filed a lawsuit against Kraken, accusing it of illegal securities operations. According to Reuters, the SEC accused the platform of illegally operating as a securities exchange without first registering with the regulator. The SEC said Payward Inc. and Payward Ventures Inc., operating under the name Kraken, have made hundreds of millions of dollars since 2018 by organizing the buying and selling of cryptocurrencies while “turning a blind eye” to securities laws designed to protect investors. The crypto currency exchange was also accused of insufficient internal controls and poor record keeping, partly reflected by commingling clients’ money with its own and paying operating expenses directly from clients’ accounts. “Kraken’s choice of malicious profits over investor protection is one we see far too often in this space.” Gurbir Grewal, SEC enforcement chief In a statement, Kraken said the SEC’s complaint acknowledges that any all
Read more