Mt. Gox creditors fail to set repayment date, but markets unaffected

While a Bitcoin price drop may not be expected anytime soon, intriguing new details regarding the Mt. Gox have continued to emerge over the past week.

Eight years ago, in 2014, the crypto world was rocked by the crippling hack of Mt. Gox, a popular Bitcoin (BTC) exchange, which was forced to shut down after criminals were able to grab around 850,000 BTC, worth over $16 billion at today's exchange rate.

At the time of the incident, the Tokyo-based exchange was the largest cryptocurrency trading ecosystem in the world, handling more than 70% of Bitcoin's daily trading volume in the crypto market. However, due to its lack of quality security protocols, hackers were able to sneak in the crypto assets of over 24,000 clients, which remains one of the largest such incidents in history. of the digital asset industry.

Now, nearly a decade later, Mt. Gox customers affected by the hack have received a notice telling them they have until September 15 to file or transfer a claim. However, the payments have been swallowed up in a long-running legal battle as the rehabilitation plan has been repeatedly delayed. Recently, there have been rumors that the payout could happen soon, potentially in a major Bitcoin dump.

The rumors have grown so popular that Mt. Gox creditors recently had to take to social media to say they were completely untrue, with one pointing out that the Mt. Gox refund system defunct stock exchange is still a long way from being operational.

As part of a recent Twitter thread, Eric Wall, a Mt. Gox creditor, noted that contrary to news circulating on the internet that 137,000 BTC would soon be dumped on the market, the exchange had no yet designed the necessary infrastructure to facilitate such a move and, therefore, there would be no refunds anytime soon.

Additionally, as things stand, Wall pointed out that customers affected by the Mt. Gox hack weren't even able to register the address to which they owed Bitcoin and Bitcoin Cash. (