According to a Redditor who claims to be a creditor of the defunct crypto exchange Mt.Gox, the platform may initiate bitcoin distributions as early as May. With an estimated current holdings of 137,000 BTC—worth around 9.16 billion dollars at today's bitcoin rate of 66,858 dollars per coin—the bankruptcy trustee might soon make payouts to creditors. However, some experts caution that these distributed coins could lead to market instability.
Two analysts from research firm K33 believe that Mt.Gox coins could potentially cause negative pricing effects in the coming weeks: "Mt.Gox coins could turn into a considerable negative price factor over the near term, possibly scaring the market," they stated in a report.
Despite concerns about a sudden increase in supply, Swiss banking giant UBS disagrees. They argue that there won't likely be a massive selloff when credits are paid out because most claimants will opt to retain their Bitcoins instead of selling them en masse.
Creditors of Mt.Gox have waited since the company's insolvency in 2014 for compensation. Partial repayments were made last year in both yen and through Paypal, although the exact date of official distribution remains uncertain. According to the insolvency administrator's letter dated September 21, 2023, the deadline for beginning payments is marked as October 31, 2024."
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