cryptojournalist
Bitcoin’s value has surged by more than 8,500% in the ten years since Mt. Gox went under, leaving investors worried that creditors might sell off their Bitcoin holdings.
However, most creditors of Mt. Gox have held onto their Bitcoin instead of selling.
By July 30, Mt. Gox had given creditors 41.5% of their Bitcoin claims, totaling 59,000 BTC.
Even with Bitcoin valued at nearly $4 billion, creditors mostly chose to keep it. A report from Glassnode on July 29 revealed that many creditors preferred Bitcoin over cash, an unusual move in Japanese bankruptcy law. This trend suggests that only a portion of this Bitcoin might end up being sold.
The Rise and Fall of Mt. Gox
Mt. Gox, a major Bitcoin exchange based in Japan, was a giant in its time, handling more than 70% of Bitcoin trades at its peak. It shut down in 2014 after a security breach that led to the loss of 850,000 BTC, one of the largest crypto hacks ever.
