I believe that many of my friends who have just entered the circle or entered the circle late in recent years do not know what the "Mt. Gox incident" is. I only learned about it after the recent development of the Mt. Gox incident. Let me popularize it for those of you who don’t know yet.
Mt. Gox’s reorganization trustee, lawyer Nobuaki Kobayashi, issued an announcement announcing that according to the reorganization plan, it will start to use Bitcoin and Bitcoin Cash (BCH) to repay.
What is the Mentougou incident in the currency circle?
In February 2014, Mt.Gox, an exchange that accounted for more than half of the BTC trading volume at the time, ceased operations. Shortly after the cessation of operations, Mentougou announced that about 850,000 BTC were stolen in a hacker attack, including 100,000 BTC from the Mentougou platform and 750,000 BTC from users. At that time, the price of BTC was about $600. 850,000 BTC is worth about $510 million. It is conceivable how much selling pressure would be caused if this batch of BTC was released now.
Later, the court ruled that Mt.Got had to use the remaining assets in its hands to compensate users, which was about 140,000 BTC.
Mt.Gox was once the world's largest Bitcoin exchange, headquartered in Tokyo, Japan. It was founded by Jed McCaleb in 2010 and acquired by French developer Mark in 2011. Karpeles acquired Mt.Gox, which became a trading platform focusing on Bitcoin. In 2013, the price of Bitcoin soared from $13 to $1,100, and Mt.Gox quickly developed into the world's number one Bitcoin trading platform. At its peak, it occupied 70% of the Bitcoin trading market share.
However, the good times did not last long. On February 7, 2014, Mt.Gox suddenly announced the suspension of all Bitcoin withdrawals. The reason at that time was that the currency process needed to be sorted out, so users did not pay much attention. But just 17 days later, Mt.Gox not only suspended all transactions, but even the website could not be opened.
Liu Chunsheng, associate professor at the Central University of Finance and Economics, told a reporter from the China Times that since the Mt.Gox trustee holds a large amount of Bitcoin and Bitcoin Cash, its repayment work may lead to a large number of tokens being sold on the market, thus bringing selling pressure to the market. This selling pressure may cause the price of Bitcoin and other related tokens to fall.
