Recently, the long-awaited compensation plan for Mt. Gox was postponed again until two months later, December 15. Prior to this, the related compensation plan has been delayed many times, and it has always been a time bomb for the cryptocurrency market. This postponement once again delayed the detonation of the bomb by two months.
Event brief
Many investors who have only entered the market in the past two years may have a limited understanding of Mt. Gox and its history. It used to be an exchange that undertook 80% of the bitcoin transactions on the market. This means that the number of transactions is more than the current three major exchanges. The number of bitcoins claimed stolen was 850,000. (Equivalent $5.4 billion).
The exchange announced that it was stolen and announced its bankruptcy and marked itself in the history of cryptocurrency. Of course, the current compensation plan does not mean that all 850,000 bitcoins need to be compensated. When the legal staff investigated the Mt. Gox’s account, they found a wallet account with 200,000 bitcoins, so the repayment amount is mainly relating to this 200,000 BTC.
Six years have passed. During this period, part of it has been repaid. The remaining to pay back is still worth nearly 1.5 billion USD, including original BTC and corresponding BCH and BSV.
Short term impact
The market is very concerned about this compensation plan because the confirmation and execution of compensation can indeed be regarded as a negative factor for the market in the short term.
On one hand, Bitcoin completed the third halving this year, miners newly mined, and the number of Bitcoins entering the market decreased. This is why Bitcoin has been able to maintain the current price with difficulty. Secondly, due to the impact of the epidemic this year and the global economic crisis, the market itself is at a trough.
And the BTC that flows into the market through compensation will form a greater selling pressure in the market. Especially for these claimants, after experiencing the Mt. Gox incident, it is doubtful how much they believe in cryptocurrency and how many people still have the willingness to hold it. This huge selling pressure will undoubtedly cast a shadow on the next market trend. But now, the time for determining the compensation plan has been postponed again.
Long term impact
However, in the long run, Mt. Gox users can get reasonable compensation and protect their legal rights, which has a positive role in promoting the entire cryptocurrency industry.
The value basis of the blockchain is to solve the problem of trust, but the irony is that in the cryptocurrency industry with centralized exchanges as the main battlefield, trust is indeed the most lacking. There are too much false data, market manipulation, too many hacker attacks, and then declared bankruptcy. If all these infringements on the interests of traders continue, and traders cannot get due compensation through the law, then how many people will continue to insist on the cryptocurrency industry?
Therefore, in the long run, the Mt. Gox incident can be fairly resolved, and the interests of users can be reasonably protected, which plays a very important role in the development of the industry.
Whether it is a blessing or a curse, the answer can only be revealed in two months. let us wait and see.
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