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Mt.Gox Creditor Denies Fake Report About Imminent Release Of 140,000 BTC

28 Aug, 20222 min readBitcoin
Mt.Gox Creditor Denies Fake Report About Imminent Release Of 140,000 BTC

Eric Wall, one of the creditors of the infamous crypto exchange Mt. Gox denied the report about an imminent distribution of 140,000 BTC. He said that the payout system has not been created yet, not even a choice of exchange on which affected investors will be able to receive their payouts is ready. As it stands, there are no final dates yet.

PSA: MtGox is *NOT* distributing any coins this week, or the next week, or the week after that.Source: I'm a MtGox creditor. The repayment system is not live yet.Next step: Go and block @TheAltcoinHub for spreading this misinfo.— Eric Wall (also supports X 🏴) (@ercwl) August 27, 2022

The creditor has given some additional clarifications. He said that BTC, BCH payments will be made in tranches, and some of the creditors have already sold their claims to Fortress.

Dumping rumors

According to rumors spread the day before, Mt. Gox was supposed to start Bitcoin compensations today, Aug. 28. Many were alarmed by the situation, viewing the rumor as a "black swan" for the cryptocurrency market. The panic created additional pressure on Bitcoin and the rest of the market, which already sagged significantly after the Fed's hawkish rhetoric at the Jackson Hole symposium. The price of BTC at the time fell below $20,000.

Those responsible for the fake news about Mt. Gox probably decided to play ahead of the curve, based on the July news about the exchange's compensation payments.

At that time in July, as reported by U.Today, an updated Rehabilitation Plan was published on the Mt. Gox website, noting that claims for compensation from victims would be accepted until August, and then a period of review and payout would begin.

Nevertheless, neither then nor today did the court, creditors or Mt. Gox liquidators themselves give clear dates or any other specific information.

Source

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