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$3B In Bitcoin Will Be Released Into Market To Make Up For Hack

Cryptocurrency Jul 14, 2022 19:12
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© Reuters $3B In Bitcoin Will Be Released Into Market To Make Up For Hack
 
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Some 137,000 Bitcoin (CRYPTO: BTC) are to be released into crypto markets from funds associated with 2011’s Mt. Gox hack.

After the hack, another 850,000 Bitcoin was lost. Mt. Gox announced a “Rehabilitation Plan” last year to re-compensate investors who lost their funds years before. Up to 200,000 Bitcoin from the entire hack was found in 2014 which was frozen due to legal ongoings.

Recently having regained access to these funds, Mt. Gox stated in an official email that investors could be compensated their funds by August potentially.

However, in a survey it was revealed that 86% of Mt. Gox users are no longer involved in the crypto space. Up to $2.8 billion being released into markets could lead to a major sell-off pressure in the market, possibly leading to a large-scale fall in price levels. Thus, if most of these individuals sell their Bitcoin, the market downtrend could continue over the next months.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

$3B In Bitcoin Will Be Released Into Market To Make Up For Hack
 

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