According to recent rumors, the bankruptcy lawsuit against the Mt. Gox trading platform will be completed next month. After that, approximately $6 billion in Bitcoin might be given to recipients worldwide, particularly MT Gox investors who have struggled since the exchange’s hacking incident.
Crypto Whales Could Be Born as a Result of the Mt. Gox Exchange Case
According to recent sources, the case of the world’s once-largest exchange platform is weighing on BTC’s price. Furthermore, the parties have until October 8, 2021, to decide on the best dissolution form.
The issue concerns how a total of $6 billion in Bitcoin is distributed among the company’s clients and management. It’s also a comfort for the 36,800 Mt. Gox creditors who have been waiting over a decade to find out what happened to their money.
How Did MT GOX Go Bankrupt?
The Japan-based trading company was formerly the largest cryptocurrency exchange platform in the world. It would handle 70% of all Bitcoin transactions in the globe. However, a series of hacks forced the firm to declare bankruptcy in 2014. The firm lost a total of 850,000 BTC throughout the attacks. However, the business now has around 200,000 of the ‘missing’ BTC.
What’s the status of the case?
The exchange’s developers are lobbying for BTC payment since the value of the cryptocurrency has increased by more than 100 times. Clients, on the other hand, have the last say on whether or not to pay. The voting procedure for these clients will finish on October 8.
Analysts have warned that the enormous six-billion-dollar worth of BTC may cause a market ruckus. The thousands of BTC, according to Konstantin Anissimov, executive director at CEX.IO, will have a significant impact on the price of BTC. However, he stressed that this is contingent on the new owner’s decision to keep or liquidate their holdings. Max Keiser, a BTC pioneer, agrees with Konstantin. Keiser agreed with Konstantin that the case’s BTC dump is presently affecting the BTC price.
Nabouki Kobayashi, the trustee, will declare if the civil restoration plan is accepted after October 20. If the court rejects the proposal, the company’s leaders and owners will reap the benefits of the entire root. Furthermore, this might result in the emergence of new crypto whales.
In comparison to the soaring prices of altcoins like SOL, the price of BTC has been declining for some time. However, as of this writing, the value of the leading cryptocurrency has grown by 3.39 percent. However, since large dumps are known to collapse cryptocurrency values, it is unclear how the MT GOX case will play out.