News - Mt.Gox begins payouts

By Luc Vesters

Mt.Gox begins payouts

Bitcoin (BTC)
Scams, crime and fraud

As some members of the MtGoxInsolvency subreddit have explained, Mt.Gox began making cash withdrawals in Yen and through PayPal. Creditors who opted for cash withdrawals in their bank accounts reported no inflows. There are also probably no BTC disbursements have been.

During the hack in 2014, Mt.Gox lost a total of 850,000 Bitcoin. About 142,000 BTC could now be paid out to investors who had already bought Bitcoin before the exchange collapsed. Because these Bitcoin investors are theoretically sitting on huge, unrealized gains, some in the crypto sector fear a crash.

Wrongly, says major bank UBS. The Swiss financial institution does not assume that a large amount of Bitcoin will actually enter the market. Creditors would keep their BTC, it said.

Still, Bitcoin's price has since fallen slightly. On the futures market, traders who gambled on a rising BTC price lost more than $190 million in liquidations. Crypto exchange Binance recorded the highest liquidations with more than $97 million, according to data from Coinglass. Bitcoin is now back at $43,167, with a daily increase of 1.32 percent so far.

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