Mt. Gox Refunds and Potential Bitcoin Cash Sell-Off
Samson Mow, a well-known Bitcoin advocate and CEO of Jan3, has shared his prediction that recipients of Bitcoin Cash (BCH) from the Mt. Gox refund process might quickly sell off their holdings.
Mow, known for his strong opinions in the crypto space, believes that the majority of recipients will choose to store their assets in cold wallets or use them as collateral rather than sell them immediately. He suggests that many of these customers have endured a long wait, up to ten years, to reclaim assets lost during the Mt. Gox security breach in 2014.
However, some users on X have expressed their intention to convert their BCH to BTC shortly after receiving the distribution, citing insights gleaned from GitHub. They believe others might follow suit.
The defunct exchange Mt. Gox has confirmed the distribution of both Bitcoin and Bitcoin Cash to its affected customers, leading to potential market activity. The recent blockchain activities linked to Mt. Gox wallets have shown significant movements, including transfers totaling 93, 168 BTC to new addresses. Kraken has also confirmed receiving assets from Mt. Gox as part of the ongoing reimbursement process.
The Mt. Gox refund process is a major event in the history of cryptocurrency. It will be interesting to see how the market reacts to the influx of Bitcoin and Bitcoin Cash. 🤑
