Impact on BTC prices of Mt. Gox refunds will be limited: Matrixport

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Bitcoin (BTC) fell 8% during the US afternoon on Wednesday on rumors that wallets linked to former crypto exchange Mt. Gox and the US government are trading, the provider said Thursday. of Matrixport crypto services in a report.

Matrixport says it has analyzed the potential impact on the Mt. Gox transportation market and concluded that such an event would have a limited effect on the price of bitcoin. Nevertheless, investors should be well aware of the possible distribution of these bitcoins, he said.

The Mt. Gox hack resulted in the theft of 850,000 bitcoins, worth $500 million at the time and now worth $17.8 billion, the report said, noting that only 200 000 have been recovered.

Since not all stolen BTC could be recovered, only a fraction of the original amount held by creditors will be compensated, wrote Markus Thielen, head of research.

Creditors will receive a base payment with four options to receive the rest of their funds, the memo says.

These include lump sum prepayment (where customers can recover 15% to 20% of their lost funds), refund via bank transfer, refund of a portion of crypto rehabilitation claims in crypto, or refund via a remittance service provider, the note added.

September 30 is the deadline for redemptions, the report says, with $1.7 billion in cash, 141,000 bitcoins and another 142,000 bitcoins in cash (BCH) to be distributed as part of a civil rehabilitation plan. .

Bitcoin was trading at around $28,920 at press time.

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