Ex-CEO of Mt. Gox clarifies Bitcoin shifting as preparatory measure

As per the ex-CEO of Mt.Gox, the earlier shifting of Bitcoin from the company’s wallet was simply a preparatory exercise and not an alarming incident. The fact that it went to an unidentified wallet meant nothing. The company set the date for allocation as the 21st of October.

The process is looked upon by companies such as K33 as a pressure-building exercise, the apprehension being added to creditors coming within the allocation group. The risky part is Mt.Gox is the oldest crypto-related company to have declared bankruptcy. This may just create confusion regarding the allocation process.

Towards the beginning of 2024, individuals on Reddit spoke of being asked to provide their personal details and being compensated in kind. Earlier, certain creditors received their money in yen. In-kind signifies being paid in Bitcoin or Bitcoin cash, which may result in the value of Bitcoin going downwards. 

According to market watchers, not everything is downhill.  

As per Alex Thorn of Galaxy Research, the creditors were informed that the early receivers would get lesser payments than the ones willing to wait awhile. He believes approximately 65,000 BTC/BCH will be released to 20,000 creditors in September. 

Thorn goes on to add that the Bitcoin receivers will not be in any hurry to sell them. There are cases where the creditors have been patiently waiting for ten years to get their due. According to him, this massive shift in Bitcoin could pave the way for a major influence on the market.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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