Rumor: Exchange Mt. Gox is returning $2.7 billion in bitcoins to its creditors today

Recently, rumors about the beginning of the process of releasing the bitcoins of the creditors of the bankrupt Mt. Gox exchange (Mt. Gox) have been circulating. Now, many investors are worried about the release and sale of this amount of Matt Gax’s bitcoins, and on the other hand, some say that the release of all these bitcoins is not going to happen at once and will have a strong impact on the market.

To Report Cointelegraph, yesterday the price of Bitcoin fell below 20,000 dollars after 44 days, while rumors about the supply of Bitcoins to the users of Matt Gox exchange creditors were circulating on social networks.

It seems that the decrease in the volume of transactions on the weekend (Saturday and Sunday) has made the market conditions somewhat more chaotic. Part of the investors’ concern is also influenced by rumors related to the debt repayment of the bankrupt Matt Gax exchange to its users on August 28 (September 6), i.e. today.

Until this moment, different claims have been made about the supply of bitcoins of the Matt Gax exchange, and some believe that 137,000 bitcoins of the users of this liquidated exchange are supposed to be offered in the market today and in one place; A figure that is worth about 2.7 billion dollars at current prices. Others say that these 137,000 bitcoins are supposed to be released in the market in stages; But the refund process will start from today.

Most traders agree that Matt Gox’s creditors will sell their bitcoins after receiving them; Capital that has been out of their reach since 2014, when Bitcoin was worth less than $500. This unrealized gain of 3,900% is so tempting that Matt Gox’s creditors probably won’t want to hold onto their bitcoins.

About 10 years ago, the MetGax exchange was hacked and hundreds of thousands of dollars were stolen from its users’ bitcoins. After going through a long legal process to repay the recovered funds of this exchange, Nobuaki Kobayashi, the representative of this exchange who is in charge of repaying the users’ debts, announced on July 6th (July 15) that he is preparing to return the users’ claims.

At that time, Kobayashi had also published a file in which it was said that “the end of August”, that is, the beginning of September, is the period in which the repayment of part of the funds will probably begin.

It is stated in part of this file:

After discussions with the court and in accordance with the guidelines of the “Recovery Plan”, the Debt Recovery Trustee intends to determine the assignment of users’ funds. The reference period also started almost from the end of August (early September) and will continue until all or part of the funds are returned in the form of initial repayment.

No new official information about this case has been released yet. Despite this, rumors regarding the sale of Bitcoins by the Matt Gax exchange have gained attention very quickly.

Danny Devan, a digital currency investment expert, wrote on his Twitter:

There is a lot of misinformation being spread on Twitter. Matt Gox is not going to release all 137,000 bitcoins to his users tomorrow. The repayment process will start from tomorrow, and this means that some of the creditors will start receiving their bitcoins from tomorrow; But this whole process will take months. I also have a negative view of the supply of this amount of Bitcoin in the market; But since this is being done step by step over several months, we won’t see a mass market sell-off.

Josh Rager, an analyst and trader of digital currencies, said that some people think it will not happen.

He wrote in a tweet:

The news of Matt Gox’s bitcoin release has probably created more fear in the market than it should have. 140,000 bitcoins means 2.8 billion dollars. The daily trading volume of Bitcoin is between 20 billion and 30 billion dollars. [ضمناً] Not all of these bitcoins are going to be sold at once.

Michael van de Poppe (Michaël van de Poppe), Cointelegraph analyst, also said that the fear that has arisen regarding the sale of Matt Gax’s bitcoins is unjustified.