Originally scheduled for the end of August, now the plan for the Mt. Gox will begin in mid-September. However, this is no guarantee that the funds will be distributed on that day, as the plan could take months to years to officially conclude.
- Indemnity Plan of Mt. Gox postponed until September 15
- However, the plan could be extended for months, or even years.
- Victims have waited more than seven years for some form of compensation.
- There are concerns about the effect of 137,000 incoming BTC to the market an area or arena, online or offline, in which commercial dealings are conducted.
The Japanese exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. whose collapse in 2014 shook the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency currency is a medium of exchange that defines value. ecosystem, Mt. Gox The company has again postponed the start of its compensation plan for affected users, which was scheduled for the end of August.
Bad news for victims of Mt. Gox
According to published information in an official document the team of Mt. Gox indicates that the start of the compensation plan will not be postponed for long, as the court agreed that it will formally begin on September 15. While this does not imply that payments will begin on the aforementioned date, at least it indicates that the exchange should begin to do so from that moment, something that victims will be able to follow through official channels.
Let us bear someone who believes that prices in a given market will decline over an extended period. Such a person might be referred to as “bearish.” in mind that the compensation plan presented by Mt. Gox 137,000 is for the payment of more than BTC to customers of the trading platform. There is no extension period or closing date for such planning, so it is not known exactly when the victims will be compensated.
The latter was confirmed by the operator of one of the channels of Mt. Gox, which argued that the payment process could “to go on for months, if not years”. he added:
“As mentioned above, the administrator is not yet ready to pay. There will be a KYC ‘Know Your Client’. A procedure when a trading platform or exchange would require you to confirm your identity in order for you to use them. process, he has to explain how payments will be made, etc., he has to collect bank account an account is essentially a whose purpose is to track the financial activities of a specific asset/ data, etc. This will go on for months, if not years. Nothing the trustee does is quick.”
The market may not be affected
When Mt. Gox reported that its severance plan was starting in August, for many analysts this was a risky sign for the Bitcoin market, as the inflow of more than 137,000 BTC could compromise the price of the main digital currency, this at a particularly complicated time with the arrival of the crypto winter.
The entry of such quantities of BTC could significantly increase supply in the face of reduced demand after the market crash. This scenario leads to a reduction in the price of the digital currency, which could also drag down the main altcoins in the market.
That this plan could be extended for several months (or even years) could mitigate the impact this would have on the market. Let’s keep in mind that the price of Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. fell by more than 60% from the all-time highs seen in November 2021, and there is still no certainty as to when it might reverse the downtrend seen over the past few months.
At the time of going to press, the price of Bitcoin is at about USD $20,260 per unit, a slight increase of 1.6% in the last 24 hours.
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Article by Angel Di Matteo / DiarioBitcoin
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