Bitcoin Down 8% Ahead of Mt. Gox Payouts

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Last Updated on May 1, 2023 by Bitfinsider

A few hours ago, Bitcoin declined -8% in a matter of minutes on the news that “wallets belonging to Mt. Gox and the US government are making transactions.”

Mt. Gox will begin distributing funds to its creditors on March 10, with a repayment deadline of September 30. As part of a global civil rehabilitation plan aimed at 10,000 consumers, $1.7 billion in cash, 141,000 BTC, and 142,000 BCH will be distributed.

Mt. Gox was one of the world’s largest cryptocurrency exchanges from 2010 until 2014, when it declared bankruptcy following a succession of hacks believed to have been stealing funds from the exchange since 2011. Mt. Gox accounted for approximately 70% of the total Bitcoin trading volume at its zenith.

The breaches led to the theft of 850,000 Bitcoin worth $500 million at the time and $17.8 billion today. Since then, only 200,000 BTC have been recovered.

After the significant loss, Mt. Gox filed for bankruptcy, which led to a 7.5-year legal battle before a rehabilitation plan was drafted in 2021.

Since not all of the stolen BTC could be recovered, creditors will only receive a fraction of the original quantity.

When Mt. Gox collapsed in February 2014, Bitcoin was trading for approximately $550. With Mt. Gox’s reimbursements at the current Bitcoin price level of $22,000, customers whose funds were stolen can reclaim their Bitcoin nine years later with a 390% increase in value.

How to Buy or Trade BTC on Scallop Exchange

You can buy or trade BTC on Scallop. As Scallop frequently holds campaigns and events, you should check out its official Telegram group here to see if you can participate and win rewards as you trade.

On Scallop, you can trade BTC as a spot pair (BTC/USDT) in 3 simple steps:

  1. Sign up and register an account on Scallop 
  2. Buy USDT via Scallop One-click Buy (Follow the step-by-step guide from step 1 to 6) 
  3. Trade BTC/USDT at Scallop Spot

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