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 Response

  1. 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.

Video Articles

Why $50 Silver, $4000 Gold Might Be Closer Than Anyone Thinks | Bradley Langille – GoGold Resources

Why Silver’s True Price Could Be Much Higher | Joaquín Marias – Argenta Silver

Gold Enters A ‘Stronger For Longer’ Phase | Richard Young – i-80 Gold

Recommended

Emerita Resources Intersects Further Mineralization At El Cura, Expanding Deposit

ESGold Sees ANT Survey Reveal Vertically Continuous System To 1,200 Metres Depth

Related News

Miami Welcomes Bitcoin Miners to Take Advantage of its Clean Nuclear Power

Miami may soon become the latest hotspot for crypto mining, as its mayor welcomes foreign...

Tuesday, June 22, 2021, 02:27:00 PM

Bitcoins Tumble Forces Bitfarms To Sell BTC To Meet Collateral Requirements

At least one cryptocurrency miner is feeling the impact of falling market sentiment, and as...

Friday, June 17, 2022, 03:31:00 PM

Bitfarms: Recent M&A Transaction Highlights Company’s Valuation

Last week, Cleanspark (NASDAQ: CLSK), a publicly listed microgrid energy software company, acquired the private...

Monday, December 14, 2020, 12:07:53 PM

Bitcoin Emits More Carbon Than Syria Or Switzerland–But Is That Bad?

Bitcoin miners have emitted about 200 million tonnes of CO2 in the cryptocurrency’s short history,...

Wednesday, October 5, 2022, 02:19:00 PM

Bitcoin Investor Must Hand Over Keys to $124 Million Crypto Cache

A federal judge has ordered an Austin Bitcoin investor to surrender passcodes to unlock cryptocurrency...

Thursday, January 9, 2025, 02:07:00 PM