Mt. Gox Offloading 137,000 Bitcoin To The Market Is Fake, But Its Effect On Price Was Real

Amid the rumors of Mt. Gox planning to dump the payout to its creditors in one giant 137,000-bitcoin offload, one of the creditors disputed the story as misinformation.

Eric Wall, who identified himself as a creditor, dispelled any rumor that the Tokyo-based digital exchange will be distributing its payments in bulk soon. He added that the repayment system is not yet in place and the payments will occur in tranches instead.

Wall wasn’t the only one refuting the rumor of the Mt. Gox offload dump.

The appointed trustee to handle the rehabilitation plan for Mt. Gox confirmed in July that the exchange is working on paying back its creditors. From the 850,000 bitcoin owed, the exchange only has 150,000 bitcoin to pay its creditors–either in bitcoin or bitcoin cash equivalent.

While the rumor was figured to be false, it had a real effect on bitcoin prices as fears of flooding the market followed the false info. The digital asset slumped back below the US$20,000-mark following the news.

Information for this briefing was found via Coin Telegraph and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

One thought on “Mt. Gox Offloading 137,000 Bitcoin To The Market Is Fake, But Its Effect On Price Was Real

  • August 30, 2022 6:06 PM at 6:06 pm

    The effect on price was severe. Do you think, Bitcoin will recover this year? Some experts are predicting it will raise up to 40K one this year. What do you think.


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