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Don't rush to buy the dip!!! The compensation of 140,000 BTC for the Mentougou incident will cause Bitcoin to plummet again.
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Many novices probably have forgotten about this incident and are getting restless again!
Once the world's largest Bitcoin exchange, Mt.Gox was hacked in 2014 and lost 850,000 bitcoins (worth about $460 million at the time). After 10 years, the compensation process is gradually progressing.
After multiple postponements of liquidation and several lawsuits, the Mt. Gox hack incident has finally entered the compensation phase, and its creditors are expected to receive the first batch of repayments by the end of this year. Over the past decade, the soaring price of Bitcoin has also allowed Mt. Gox creditors to unexpectedly receive a substantial "windfall" after years of "passive lock-up".
Mt.Gox is expected to pay creditors 142,000 bitcoins by the end of this year.
According to the latest data released by Mt.Gox, the balance of Bitcoin in the trustee address of Mt.Gox liquidation is 137,890 coins. It is expected that by October of this year, Mt.Gox will pay a total of 142,000 Bitcoin, 143,000 BCH, and 69 billion yen (approximately 510 million dollars) to the creditors.
Can it crash BTC?
Although the compensation available to Mt.Gox creditors varies significantly in terms of currency, the value of Bitcoin has increased by about ten times in the past 10 years. Coupled with its current historical high, once the total of over 140,000 BTC is returned to investors, it may create selling pressure on the market, resulting in a major sell-off for Bitcoin.