(Kitco News) - The cryptosphere has been abuzz in recent weeks with rumors floating around that 137,000 Bitcoin (BTC) held by the long defunct cryptocurrency exchange Mt. Gox would soon be dumped on the market and cause prices to fall.
While it's true that there are indeed 137,000 BTC waiting to be distributed to former users of the exchange, Mt. Gox creditors have reassured the community that the current rumors are false and the exchange's repayment system has not gone live yet.
According to Twitter user Eric Wall, who identified himself as a Mt. Gox creditor, “MtGox is *NOT* distributing any coins this week, or the next week, or the week after that.”
PSA: MtGox is *NOT* distributing any coins this week, or the next week, or the week after that.
— Eric Wall (X??, X??) (@ercwl) August 27, 2022
Source: I’m a MtGox creditor. The repayment system is not live yet.
Next step: Go and block @TheAltcoinHub for spreading this misinfo.
Wall continued his message, noting that “As it currently stands, you can’t even register where (which exchange) you want your BTC & BCH sent yet.” And for those who are worried about a massive token dump on the market, Wall indicated that “payouts will also occur in tranches” but as of now, “there is no official timeline.”
Based on the statements from Wall, it appears as though the exchange has not yet completed the infrastructure needed to initiate repayment.
The Mt. Gox creditor also provided a little insight into the minds of those who will be receiving a payout. “I’m not selling. Why? [I don’t know], prices don’t seem very attractive to sell at right now, I’d rather be buying here than selling,” Wall said.
These sentiments were echoed by Marshall Hayner, another Mt. Gox creditor, who indicated that he has “no intention” of selling his BTC.
I am a creditor of Mt. Gox and can confirm we are not close to receiving our #Bitcoin. Most people like me also have no intention of selling it. Don’t believe what influencers on Twitter are telling you.
— Marshall P Hayner ???? (@MarshallHayner) August 28, 2022
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The Mt. Gox saga has been ongoing for nearly a decade ever since the exchange went bankrupt in 2014, sending shockwaves across the crypto ecosystem due to its position as the top exchange.
In July, Nobuaki Kobayashi – the appointed rehabilitation trustee in the Mt. Gox rehabilitation plan – revealed that the exchange was preparing to repay its creditors.
“Following discussions with the Court and in accordance with the Rehabilitation Plan, the Rehabilitation Trustee plans to set the Assignment, etc. Restriction Reference Period from approximately the end of August this year until all or part of the repayments made as initial repayments is completed for safe and secure Repayments,” the statement from Kobayashi said.
