We are one month away from what could be one of the biggest Bitcoin dumps on the market.
137,000 Bitcoin may be released to creditors and victims of the Mt. Gox hack back in 2014.
Mt Gox. was originally a website dedicated to the Magic the Gathering card game that converted to a crypto exchange. What could go wrong??
Well, a hacker found an exploit and slowly withdrew more Bitcoin overtime than they should have been allowed to.
By the time the exploit was discovered, over 840,000 Bitcoin were stolen from the exchange.
That's some serious avocado money in today's prices!
After filing bankruptcy, 137,000 Bitcoin were collected from the company and held until litigation matters we're resolved.
Back to present day.
Every plaintiff awarded Bitcoin will be given the choice to receive Bitcoin directly OR the cash equivalent of their Bitcoin award.
137,000 Bitcoin in current prices equates to about $2.7 Billion dollars.
To put that into perspective, when Terra Luna had to liquidate their 80k Bitcoin, the price per Bitcoin was around $33k and after liquidation, Bitcoin leveled off around $28k.
It's hard to tell what people will do with their Bitcoin but expect some major sell pressure throughout the month of August.