Is it true that Mt Gox funds are going to get released?

[2double0]

I was told by a source that Mt Gox funds will be released on ~20 November, 2021 on the order of honorable court where the hearing was made. If it's a fact, will 150k btc worth $10 billion enter the market? And should we prepare for a big dump after this happens? The intention behind posting this isn't about spreading chaos but awareness about what may happen if Mt Gox funds will be released. This is a happy news for me, but scary too.

[dothebeats]

I know for a fact that the funds were already approved by the creditors, but I haven't came across some news stating that it will be released this month. Any news sources or links to confirm the veracity of this statement would be helpful.

As for the $10 billion, I expect some of those will enter the market and some will be dumped in order for the victims to get done with the stress thr Mt. Gox event has caused them. With the recent price of bitcoin, there will surely be lots of people who will be tempted to liquidate immediately, and it will definitely have an impact on the market.

[Obito]

This didn't appear any news outlet that I am subscribed into, but if this is a real thing I think that we better get ready for something but not to be overly cautious, it's not like bitcoin's going to die when the possibility of dumping happens. I just hope that if it really happens, I have enough money to buy a decent amount of bitcoin to increase what I am currently hodling.

[mk4]

Unless the bitcoin that was stolen got retrieved, then no 150k BTC wont enter the markets. As far as I know(correct me if I'm wrong) MtGox will just give compensation to the victims, with bitcoin that are worth nowhere close to what the stolen bitcoin are worth today.

[Anonylz]

Well, thanks for the heads up, am not aware of this, it could be a possibility if such an amount of btc were released to the victims, except just what @mk4 said, only compensation to the victims would be made, otherwise, it is something to be worried about,
Could it be the reason for this dip! Perhaps people are already reacting to the news, just wondering.

[fiulpro]

What I came across is this news regarding the Mt.Gox funds :
https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.bloomberg.com/news/articles/2021-10-20/mt-gox-trustee-says-creditor-reimbursement-plan-is-approved&ved=2ahUKEwignuTE4ZT0AhWSn4sKHXQdCUYQFnoECAQQAQ&usg=AOvVaw2camr-9N1Zcx7R3fMrwBaB

Which is more related to the investors getting the share that they should be getting, so even if they do get millions in Bitcoins wouldn't it be their own personal choice to keep or to sell? That would mean even if the funds are released there is a huge uncertainty in the whole market regarding the pump or dump circumstance.

At the end of the day, things like these takes a lot of time, plus retrieving the stolen coins are not something that might have happened and there was no big news about it.

Other than that there is this small news as well :

Gox said creditors have approved a plan that will eventually lead to the distribution of more than $9 billion in Bitcoin. Creditors can elect to receive about 90% of the assets owed to them under the proposal that was ratified by a majority, according to the English language version of the announcement dated Oct.Oct 20, 2021

(taken from google)

That means it's 9 billion $ worth of Bitcoins, which would be distributed amongst people, the creditors, we should be aware but not scared of this happening for sure. Since this is bound to happen sooner or later and even if there is a small dip many other investors will run to buy Bitcoins, equalizing everything.

[pealr12]

No doubt if such amount will be released to the victims at once will cause a huge dump in the market, this Mt gox issue has happened when the btc price is not as high as this so it is very normal that the parties involved will be happy to sell it, except they will be paid in some percentage to maintain the price,
When exactly will this be happening? Hope it is not anytime soon since the markets is expected to pump anytime this month to next.

[kryptqnick]

Unless the bitcoin that was stolen got retrieved, then no 150k BTC wont enter the markets. As far as I know(correct me if I'm wrong) MtGox will just give compensation to the victims, with bitcoin that are worth nowhere close to what the stolen bitcoin are worth today.

It's still great if they actually give the money to the victims. Is it possible to identify them and to ensure that people aren't lying they had money there only to get some BTC for free? Also, what they'll give back will be nowhere near if we consider the amount of Bitcoins, but at the time they were stolen, they were worth $450 million, whereas now there are $10 billion worth of BTC. So at least they could give people their dollar equivalent back or possibly 10 times more than that (or even 20x if they indeed spend most money on reimbursements like fuilpro quoted they plan to do). That's still pretty amazing, isn't it? Losing money years ago, and getting 20 times more than you invested, I mean.
I still don't believe that's how it will play out, but let's hope so.
As for the price, I don't think there'll be a big dump because giving money in bitcoins back to the victims or selling bitcoins via OTC deals won't make an impact.

[Japinat]

The amount of BTC stated will not all enter the market, there's maybe a dump because of the FUD but it will only be a temporary dump as there are a lot of investors who still think the current price is cheap so buying wouldn't be a problem.

This is probably the news you are referring to.

Mt. Gox Creditors to Get Billions in Bitcoin After Plan Approved

[stompix]

Unless the bitcoin that was stolen got retrieved, then no 150k BTC wont enter the markets. As far as I know(correct me if I'm wrong) MtGox will just give compensation to the victims, with bitcoin that are worth nowhere close to what the stolen bitcoin are worth today.

They do have those 150k BTC in custody.
https://www.mtgox.com/img/pdf/20191001_report.pdf

The amount of BTC held by the Rehabilitation Debtor as of September 30, 2019 is 141,686. 35446516BTC. The Rehabilitation Trustee has been still investigating the existence of additional BTC held by the Rehabilitation Debtor. If any BTC is found, the Rehabilitation Trustee will move them to the address managed. Further, the amount of BCH held by the Rehabilitation Debtor as of September 30, 2019 is 142,846.35166254 BCH.

And according to the last report by the trustee, the voting was over and finally, they can move with the plan
https://www.mtgox.com/img/pdf/20211020_announcement_en.pdf

As for the value if others are correct about the numbers you will get ~25% of the BTC you had then, so for one BTC you get .25, it's still a lot, around 30x times the value in $ at the moment of the bankruptcy. A new form of ultimate hold.

[Quidat]

As for the value if others are correct about the numbers you will get ~25% of the BTC you had then, so for one BTC you get .25, it's still a lot, around 30x times the value in $ at the moment of the bankruptcy. A new form of ultimate hold.

Im not saying that it is just right on giving back 25% of the total amount but they've been thinking on how this could affect or they do totally
dont tend to give it all out? Its better than nothing specially to those people who had included into this mess. FUD is very common
which there would be those insights on mass selling which will really be dumping out the market but to make out calculation
on where 25% of 150k is 37k+ which is current on 2+ billion. Could really make out some effects?

[stompix]

~

Im not saying that it is just right on giving back 25% of the total amount but they've been thinking on how this could affect or they do totally
dont tend to give it all out? Its better than nothing specially to those people who had included into this mess.

From where would that come?
They've managed to get back 150kBTC out of the total sum that was lost, who would cover the rest, and from where?

FUD is very common

No sorry, the usage of FUD is very common and in most cases by poeple who have no clue what it means.
I'm tired of everyone screaming FUD whenever something they don't like is happening.

Could really make out some effects?

Depends, is everyone going to get their coins and send them to an exchange and sell them at the same moment? Then yeah!
Is this going to happen? Most likely no!

Go the Binance, look at the market depth and see what a 1500 BTC dump would do, it would bring the price under 60k, of course briefly but that will be the effect.
The fact that the global volume is in trillions doesn't mean it could absorb even a 50 million dump if it's done as a whole.
Will it happen? Again, most likely no!

[beerlover]

There is no possible way that there is anything good that could come out of this. I get that some people keep getting hopeful about it, but we are moving to a period where people who have never heard of mt.gox or came in way after hack happened came into the crypto and could be considered majority right now.

Mt.gox deal happened back in 2013-2014 or so right ? I mean it happened during 2013 and we knew it, but the official statement came in 2014. If you look at the crypto world right now, I am sure that 50%+ of the people here came in after 2014 for sure, which means that we are not really doing that badly on mtgox issue, most people do not even care about it anymore.

This is why I care that there is a chance we won't even talk about it in few years, more and more people who lost their money there give up, and more new people join in making the people who lost money there a minority. I am hopeful about it because bad news always hurts crypto and mtgox was the biggest bad news ever, hopefully we won't have anything similar ever again in crypto history.

[Beta-coiner]

The story is true concerning Mtgox.

9 days and counting.

Im not saying that it is just right on giving back 25% of the total amount but they've been thinking on how this could affect or they do totally
dont tend to give it all out? Its better than nothing specially to those people who had included into this mess. FUD is very common
which there would be those insights on mass selling which will really be dumping out the market but to make out calculation
on where 25% of 150k is 37k+ which is current on 2+ billion. Could really make out some effects?

Initial I believe is 2k yen....followed by a named exchange to hold BTC AND BCH. From what I have heard, some hold very large amounts of BTC that can easily surpass. 1500+. Biggest holder is Fortress who can easily tank the market.

[2double0]

Depends, is everyone going to get their coins and send them to an exchange and sell them at the same moment? Then yeah!
Is this going to happen? Most likely no!

Why won't that happen? After a very long wait, these victims are seeing a light of hope and even if they get 25% of 150k btc which comes to 37500 btc, they will get $2.5 billion worth of btc which is enough to shake the whole market (I'm not taking these vitcims alone under consideration but even if their summed up value crosses $1 billion at the time of selling it and the news that breaks the confidence of investors, compels them to sell under the impact of panic sell, btc will dump). This is a good news for the victims that they are getting their part even if not complete payback for their stolen btc, but we will also see how the market reacts to this news.

[Jawhead999]

Depends, is everyone going to get their coins and send them to an exchange and sell them at the same moment? Then yeah!
Is this going to happen? Most likely no!

Why won't that happen? After a very long wait, these victims are seeing a light of hope and even if they get 25% of 150k btc which comes to 37500 btc, they will get $2.5 billion worth of btc which is enough to shake the whole market (I'm not taking these vitcims alone under consideration but even if their summed up value crosses $1 billion at the time of selling it and the news that breaks the confidence of investors, compels them to sell under the impact of panic sell, btc will dump). This is a good news for the victims that they are getting their part even if not complete payback for their stolen btc, but we will also see how the market reacts to this news.

Because he said those people will sell their Bitcoin at the same moment, that's why it's unlikely to happen. Yup $1 billion is large sum and they would sell some portion of their Bitcoins to enjoy the benefit, but it's only some portion since they're learn holding Bitcoin can make them rich. They will hold it until the price crossed $100K and so on.

Now Bitcoin 24 hour trading volume is $29,825,276,469 ($29 billion) it will make Bitcoin price drop around $2K, the problem is those article provide bad news and people do panic sell.

[Fortify]

I was told by a source that Mt Gox funds will be released on ~20 November, 2021 on the order of honorable court where the hearing was made. If it's a fact, will 150k btc worth $10 billion enter the market? And should we prepare for a big dump after this happens? The intention behind posting this isn't about spreading chaos but awareness about what may happen if Mt Gox funds will be released. This is a happy news for me, but scary too.

It's a very interesting development considering how long it has taken for them to recover it since the crime took place. However this in the grand scheme of things this works out to less than 1% of the total market cap of Bitcoin at the moment so I doubt it is going to have much of an effect at all. It might dip the market for a few days but I think there are enough financial institutions out there clamoring to buy up any excess slack that it will quickly recover to the previous price. It's more likely to cause a pausing effect rather than any decline in value, but 10 billion is a rather small amount these days and will be absorbed in no time - if the owners even decide to sell that is.

[stompix]

Depends, is everyone going to get their coins and send them to an exchange and sell them at the same moment? Then yeah!
Is this going to happen? Most likely no!

Why won't that happen? After a very long wait, these victims are seeing a light of hope and even if they get 25% of 150k btc which comes to 37500 btc, they will get $2.5 billion worth of btc which is enough to shake the whole market

Yeah, it is enough but only if you put it as a whole.
And poeple are different, poeple don't do the same things at the same time as they are not ants, just the fact that the plan was voted by 83% of the claimers is proof enough.

Most likely the funds will not be released in one single batch for everyone at the same time, highly possible not everyone will sell ALL their coins, also not everyone will rush to sell in the first second, after getting your coins trapped for 8 years it's again safe to assume not everyone will send all their coins in one batch to an exchange and again in smaller batches, and also a lot won't use exchange at all and deal with it OTC.
Also, poeple will have the option of receiving directly fiat which will mean the trustee will sell some coins and pay in JPY, again this will not be done on liv exchange.

The chances of everyone moving all their coins and rushing in day one to dump it on the market are close to zero in my opinion.

[jostorres]

I was told by a source that Mt Gox funds will be released on ~20 November, 2021 on the order of honorable court where the hearing was made. If it's a fact, will 150k btc worth $10 billion enter the market? And should we prepare for a big dump after this happens? The intention behind posting this isn't about spreading chaos but awareness about what may happen if Mt Gox funds will be released. This is a happy news for me, but scary too.

I would assume that they probably won't get even that much, not for a while longer at least. I get that people are hopeful about upcoming possibilities, but I really doubt that it could happen, it looks like we are going to just have to foot the bill and be fine about it as well. I get that some people may not like to hear that, but that is the truth and I have to say we need to learn to live with the truth instead of trying to convince ourselves the otherwise.

Yes, there is a "slight" chance that we could maybe get something small from them, which would be lovely but it will probably not even be 25% but more like 10% at the very best case (I think 5% is more likely). That is still something, but it is tiny enough to not bother crypto markets.

[Danydee]

  Following the reasoning where MtGox's fiat accounts were not compromised the time of the hack, since they are bank accounts

 there is chances that the creditors holding balances in "fiat money" get served first, before other creditors ?