Crypto Twitter Rocks and Rumbles As Mt.Gox Dumps 137,000BTC

Erick Wall, One of the creditors expecting compensation denied allegations of the infamous crypto Exchange Mt. Gox dumping 137,000BTC into the market.
The misinformation has set the crypto Twitter community under immense pressure as it remains unclear how the rumors gained traction vastly.

Panic befell the Twitter community as rumors vastly spread of Mt. Gox, which was a crypto exchange, was set to dump 137,000BTC at a go into the market. Demise befell the Crypto exchange back in 2014 where a whooping 850,000 BTC were stolen in an audacious hack leading to its collapse.

The trustees responsible are now planning on seeing customers who fell victim to the notorious hack get a partial payment for their crypto savings. In early June, the staff in charge had announced that the rehabilitation process would begin in late august and this could be the root source of the rampant going on in crypto twitter.

Following discussions with the Court and in accordance with the Rehabilitation Plan,
the Rehabilitation Trustee plans to set the Assignment, etc. Restriction Reference Period
from approximately the end of August this year until all or part of the repayments
made as initial repayments is completed for safe and secure Repayments.

Eric Wall, One of the people receiving compensation denied the allegations through a tweet stating:

PSA: MtGox is *NOT* distributing any coins this week, or the next week, or the week after that.

Source: I’m a MtGox creditor. The repayment system is not live yet.

Next step: Go and block @TheAltcoinHub for spreading this misinfo.

— Eric Wall (also supports X 🏴) (@ercwl) August 27, 2022

He further added that the compensation process may be further pushed because claimants don’t even know where their BTC should be sent. Wall said that the 137,000BTC won’t be released in the market at ago.

Other people who reacted to the false rumors include trading expert Michaël van de Poppe who termed the panic as ‘unwarranted’

The fear around the release of, potentially, the Mt. Gox #Bitcoins is just unwarranted. Typical crypto.

— Michaël van de Poppe (@CryptoMichNL) August 26, 2022

What Does This Mean For Bitcoin?

Mt. Gox, which was one of Bitcoin’s biggest exchanges will have a major impact on BTC’s price as those being compensated may opt to dump their BTCs once they lay hands on them. Currently, BTC is trading for $19,992.23 with a 0.26% decrease in the last 24 hrs. However, not all have the idea of trading their BTC once they get a grip of them. Wall has the idea of HODLING the BTC.