Rumors are growing that 150,000 Bitcoin (BTC) from Mt. Gox’s guardian can move on October 15th. However, many factors indicate that this may not have been reported in the past.
From 2011 to 2013, Mt. Gox lost 850,000 BTC in the largest hacker attack in Bitcoin history. It is reported that the trustee has 150,000 BTC to pay users who lost their money as a result of the hack.
However, there are several hurdles to overcome before a refund can be issued. The payment process has been continuously delayed since 2019, and it is unlikely that it will be done soon.
Why is there surprising speculation about 150,000 Mt. Gox BTC moving?
June 30, Mt. Trustee Gox has posted a statement on the official Mtgox.com website. The guardian responsible for redistributing the funds to former users said the Tokyo District Court extended the deadline until October 15.
“In light of the foregoing, the Director of Rehabilitation submitted a proposal to extend the deadline for submitting the rehabilitation plan to the Tokyo District Court, and on June 30, 2020, the Tokyo District Court issued an order extending the deadline for the rehabilitation plan to October 15, 2020.”
Based on this document, some investors have speculated that this could trigger a move of 150,000 BTC, which will likely shake the market.
But there are two important reasons why a trustee may not transfer bitcoins anytime soon.
Firstly, the renewal is about providing a rehabilitation plan, not a rehab. Simply put, the deadline for the trustee is October 15 to pay the plan, not to return the money to the investors.
Second, the guardian has requested continued renewal over the past year. A similar announcement was made in March 2020 and April 2019, and deadlines have been extended.
October 15th is not the actual deadline for payments to users, and the trustee has postponed the process several times before. Based on these two factors, it is safe to assume that 150,000 BTC of Mt. The Gox Trustee will not be hitting the market anytime soon.
Bitcoin remains resilient despite negative events
Bitcoin has faced several negative events over the past week that have weighed heavily on the selling of BTC.
On October 1, the US CFTC lawsuit against BitMEX immediately led to a more than 5% drop in bitcoins, and 24 hours later, US President Donald Trump secured a contract with COVID-19, causing the Adjusted most asset classes, including BTC. . .
Despite a number of downbeat events, Bitcoin showed remarkable resilience throughout October. BTC is still above $ 10,500, a price level that has been a critical support area since August.
In the medium to long term, chain analyst Willie Wu said the Bitcoin market outlook remains positive.