Several creditors of Mt. Gox have disputed rumours that the exchange intends to release a large hoard of Bitcoins owing to creditors later this month, which may result in a big sell-off of the cryptocurrency.
In the last week, crypto Twitter and other social media platforms were flooded with allegations that the now-defunct cryptocurrency exchange intended to reimburse its initial investors. The rumours, which surfaced during an already depressed market, sent shockwaves across the crypto world, with investors fearing that the sale of these Bitcoins would precipitate a larger market crash.
Eric Wall, one of the several Mt. Gox creditors, refuted the FUD in a series of tweets, indicating that there will not be a 137,000 BTC dump, as suggested by multiple Crypto Twitter influencers. According to Wall, the exchange had not yet completed the necessary payback infrastructure for currency distribution, therefore creditors would have to wait longer.
This week, next week, or the week after that, MtGox is NOT releasing any coins. “I am a MtGox creditor,” the wall claimed.
The early BTC investor refuted claims by several individuals that there was a formal schedule for the return. Marshall Hayner, another Mt. Gox creditor, verified that they were nowhere near collecting their bitcoin, repeating the concerns of other Mt. Gox creditors. Both Wall and Hayney declared that they had no intention of selling their coins, indicating that this was the viewpoint of the majority of creditors.
Nevertheless, given that Mt. Gox creditors are still over 4000% ahead since the exchange ceased operating in 2014, some investors are still concerned that a swift payout of the coins might precipitate a black swan event on the cryptocurrency market. Others, however, feel that the current sell-off in the cryptocurrency market may encourage creditors to retain their coins and potentially add more, rather than sell.
Also Read: Ava Labs developed a litigation platform on Avalanche with Kyle Roche
