- Mt. Gox administrators appear ready to complete final repayments.
- Samson Mow dismisses the possibility of a Mt. Gox-induced mass Bitcoin sell-off.
- Mt. Gox creditors are sitting on thousands of percent gains through a decade of price appreciation.
Mt. Gox bankruptcy administrators stand poised to finally compensate victims ten years after the exchange was hacked. As final payouts draw closer, Jan3 founder Samson Mow downplayed concerns that the mass release of Bitcoin into the open market could trigger mass sell-offs and downward price pressure.
Mt. Gox Payout Not an Issue: Mow
Sharing his take on the nearing Mt. Gox payout, Mow contended that the payments are unlikely to stoke selling pressure, citing that most creditors have already endured an involuntary decade-long holding period and are in no rush to liquidate immediately. Furthermore, based on the “numbers go up” mantra, Mow is confident that creditors are keen to hold and maximize their gains.
When challenged over a guesstimation that 50% of Mt. Gox creditors may sell in the near term, Mow de-emphasized the point, saying, “they aren’t going to do it all at once,” and even if that were the case, the market is “easily” able to absorb the selling without any destabilizing effects.
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While Mow may have confidence in the market’s ability to handle the expected flood of Bitcoin post-payout, the actual repayment process has been long and arduous, with creditors enduring a great deal of uncertainty throughout.
Creditors Close to Receiving Payouts
Mt.Gox administrators took a pivotal step towards resolving final repayments by initiating account ownership verification for creditors recently. Some users reported receiving emails asking them to confirm account ownership of Bitcoin and Bitcoin Cash addresses in readiness for in-kind distribution of funds.
Details within the emails provided a roadmap for the repayment procedures and a FAQ covering commonly asked questions.
On the Flipside
- It’s reported that Mt. Gox administrators have already made interim repayments in yen to some users.
- The price of Bitcoin at the time of Mt. Gox folding was around $800, meaning victims are sitting on 4,900% gains at the current price.
- A wallet linked to the Mt. Gox administrators holds around 180,000 BTC, significantly below the purported 850,000 stolen tokens.
Why This Matters
Putting the Mt. Gox saga to rest can allow for grace, underline technological maturation, and restorative justice to fully transition the industry beyond its early stumbles toward a bright future.
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Read more on the latest development with Mt. Gox payouts here:
Hope Emerges for MtGox Users as Verification Emails Roll Out
Find out what forensic examiners discovered about Craig Wright’s Satoshi evidence here:
Wright’s Satoshi Claim Takes Bashing as COPA Strikes Back
