Mt. Gox Redemption Date Approaching: Is Bitcoin in Trouble?

As the Mt. Gox redemption deadline scheduled for October approaches, crypto watchers are expecting a major event from the sector this fall.

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While the cryptocurrency community is actively discussing the upcoming Bitcoin (BTC) halving in 2024, there is potentially another big event in the market this year.

The fiduciary of the hacked Bitcoin exchange Mt. Gox is expected to finally repay the exchange's creditors by the end of October 2023. If this happens, the cryptocurrency market could be significantly affected in several ways , according to some industry observers.

Founded in 2010, Mt. Gox was once the largest Bitcoin exchange in the world, estimated to facilitate around 70% of all BTC transactions before its implosion.

The now defunct exchange lost 850,000 BTC – or 4% of all Bitcoin ever issued – in a security breach in 2014. The event made Mt. Gox one of the biggest bankruptcies cryptocurrency of all time, with creditors that have yet to be issued. be reimbursed, nine years later.

As current Mt. Gox's redemption deadline is expected in about three months, Cointelegraph has reached out to some crypto officials to find out what to expect from Mt. Gox's scheduled redemption.

What will investors do once they get their Bitcoin back?

The Mt. Gox refund will be a once-in-a-lifetime event, sure to have a significant impact on the market, believes WhaleWire Founder and CEO Jacob King.

After losing all their Bitcoin nearly 10 years ago, the majority of creditors are likely to sell at least some of their BTC once they finally get it back, King told Cointelegraph.< /p>

“This influx of sell orders could create downward pressure on prices and potentially lead to a market slowdown,” he said. King also mentioned several extended delays...