Mt. Gox to unlock over 137,890 Bitcoin for its creditors, will this shake the market?

This is the story of how Mt. Gox is likely to make some big waves in September 2023, but before we jump into that, if you’re new to crypto and not familiar to the Lore of Mt. Gox, allow me to introduce you to it.

Mt. Gox was founded in 2006 by Jed McCaleb as a platform for trading Magic: The Gathering Online cards. However, McCaleb sold the platform to Mark Karpeles, a French entrepreneur, in 2011, who transformed it into a Bitcoin exchange. Under Karpeles’ leadership, Mt. Gox quickly grew to become the largest Bitcoin exchange in the world, and at its peak, it handled over 70% of all Bitcoin transactions globally.

The hack that caused the downfall of Mt. Gox is one of the most significant incidents in the history of the cryptocurrency industry. In early 2014, customers started reporting issues with withdrawing their Bitcoins from the platform. Mt. Gox initially blamed a bug in the Bitcoin software, but as the number of customer complaints increased, the company finally admitted that it had lost over 850,000 Bitcoins, worth over $460 million at the time.

The hack not only led to the collapse of Mt. Gox but also had a significant impact on the wider cryptocurrency market. The price of Bitcoin dropped by more than 50% in the weeks following the…