Analysts pointed to risks for Bitcoin from sales of Mt.Gox clients – ForkLog

The prospect of a sale of 142,000 BTC (>$9 billion) by creditors of the bankrupt Mt.Gox platform in the coming weeks could “scare the market” and put pressure on Bitcoin. This is the conclusion reached by K33 Research.

Mt.Gox is expected to distribute its assets of 142,000 BTC, 143,000 BCH and 69 billion yen to clients by October 31, 2024.

In January, the platform confirmed addresses for compensation, and in April it updated data on payments.

According to analysts, the clarifications could mean that lenders will start receiving Bitcoin as early as next month – provided they follow a similar fiat debt repayment schedule in March.

“Mt.Gox-related coins will become a significant negative factor for the price in the coming weeks,” – the report says.

Experts explained that the distribution will not necessarily lead to increased selling pressure, since recipients of the funds “can hold them back.” At the same time, such a “canopy can scare the market.”

Let us remind you that Mt.Gox clients have been waiting for the return of their funds for ten years. The civil rehabilitation process started in June 2018. In 2021, a Tokyo court approved the exchange plan.

The trustee submitted a proposal for reimbursement in December 2020. Details of the plan became known in January 2021, and in February the court approved it for a subsequent vote.

It started on May 31 and ended on October 20. The refund initiative was supported by about 83% of exchange users.

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