Mt.Gox crypto platform customers set to receive their funds back this month But Will this have a negative impact on the market?

Quick take

1 minute read

• By now, everyone has heard of the story of the Mt.Gox crypto platform. 

• In 2014, an infamous hack occurred on the exchange leaving money consumers out of pocket but now, they may finally be able to get their phones back within the next week or two.

By now, everyone has heard of the story of the Mt.Gox crypto platform. In 2014, an infamous hack occurred on the exchange leaving money consumers out of pocket but now, they may finally be able to get their phones back within the next week or two.

Due to the incident, and a whale of controversy that followed, the exchange shut down this website in 2014 and suspended all of its tradings whilst also filing for bankruptcy protection from creditors after reporting 850,000 bitcoins were missing.

Ever since then, many delays and a very long process have occurred in order to refund customers following numerous lawsuits which led to the latest date of customer compensation of 150,000 bitcoins set on the 15th of October. However, according to any report, the timing of this event could have a big impact on the price of bitcoin throughout October. However, it doesn’t necessarily mean that this is a positive impact.

According to the crypto investor and analyst, crypto whale, this could have a negative impact on the overall crypto markets:

“On October 15th 2020, almost 150,000 #Bitcoins are set to be sent back to customers that fell victim to the Mt.Gox Exchange ‘hack’ in 2013.  While this deadline has been moved back numerous times, it’s important to consider that catastrophic impact could have on the markets.”

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