K33 Research: Mt. Gox BTC Repayment Could Dampen Bitcoin Price

K33 Research: Mt. Gox BTC Repayment Could Dampen Bitcoin Price

Mt. Gox, the infamous cryptocurrency exchange that suffered a devastating hack in 2014, is finally preparing to return digital assets to its creditors. This has sparked concerns among market observers, who believe that the repayment could negatively impact the price of Bitcoin. K33 Research, a cryptocurrency research firm, has warned that the repayment process, which is set to begin next month, could lead to a sell-off of Bitcoin by creditors. While creditors are unlikely to sell all of their recovered assets at once, the firm believes that investors will be hesitant to buy Bitcoin due to the fear of a potential sell-off. The repayment process is expected to be completed by October 2024 and will involve the distribution of approximately 142,000 BTC, 143,000 BCH, and 69 billion yen to creditors. Previously on 23 April 2024, "Cryptocurrency research firm K33 Research has reported that the "repayment of Mt. Gox's BTC creditors could negatively affect the price of BTC." K33 has highlighted that Mt. Gox is expected to start returning digital assets from as early as next month, and while creditors are unlikely to sell the entirety of their recovered assets at once, there are concerns that investors will be hesitant to invest due to the fear of a sell-off by Mt. Gox. As part of the repayment process, which runs into October 2024, Mt. Gox is set to return a total of approximately 142,000 BTC, 143,000 BCH, and 69 billion yen to creditors."