Mt. Gox payouts could trigger Bitcoin market crash
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TOKYO — Experts are warning of a possible market crash as a now-defunct cryptocurrency exchange is set to finally payout its creditors.
Fortune reports that in 2014, 850,000 bitcoins then valued at $473 million were stolen from Japan-based exchange Mt. Gox, in one of the biggest digital heists in cryptocurrency history.
Mt. Gox has since filed for bankruptcy, but is now set to finally payout 160,000 bitcoins at current valuations to its customers.
A former Mt. Gox trader who "spearheaded the investigation into the exchange's bankruptcy" told the Telegraph that it's likely those who get their coins back will want to immediately sell them off, potentially causing supply to outstrip demand.
And with the value of bitcoin already plunging in recent months, there are fears that the flood of payouts could lead to a price drop that would ultimately crash the market.
Mt. Gox customers who lost money in the heist can file their payout claims until October 22, after which coin distribution is expected to begin.
Fortune reports that in 2014, 850,000 bitcoins then valued at $473 million were stolen from Japan-based exchange Mt. Gox, in one of the biggest digital heists in cryptocurrency history.
Mt. Gox has since filed for bankruptcy, but is now set to finally payout 160,000 bitcoins at current valuations to its customers.
A former Mt. Gox trader who "spearheaded the investigation into the exchange's bankruptcy" told the Telegraph that it's likely those who get their coins back will want to immediately sell them off, potentially causing supply to outstrip demand.
And with the value of bitcoin already plunging in recent months, there are fears that the flood of payouts could lead to a price drop that would ultimately crash the market.
Mt. Gox customers who lost money in the heist can file their payout claims until October 22, after which coin distribution is expected to begin.