As Mt. Gox creditors await the distribution of their Bitcoin holdings, a recent Reddit poll suggests a strong inclination among creditors to hold onto their payouts.
Creditors affected by the 2014 Mt. Gox hack are showing a preference for retaining their Bitcoin holdings, as indicated by a recent survey on the Mt. Gox Insolvency subreddit.
The poll, conducted on July 13, revealed that a significant majority of respondents, representing 56% of participants, plan to hodl their Bitcoin payouts. This decision reflects a strategy in the Bitcoin community where investors hold onto their assets despite market fluctuations.
In contrast, approximately 20% of respondents expressed intentions to sell all their received Bitcoin holdings. Meanwhile, around 14% indicated they would sell up to 25% of their payouts, with a smaller 6% considering selling up to 50%.
It’s important to note that while the survey provides insights into creditor sentiment, it may not accurately reflect the intentions of all Mt. Gox creditors due to varying payout amounts and participation levels.
“This poll offers interesting insights but should be taken with caution,” remarked one Reddit user. They emphasized that differences in the amount of Bitcoin held by creditors significantly influence their selling decisions.
Mt. Gox, once a dominant force in the Bitcoin exchange landscape, lost 850,000 BTC in a 2014 security breach, which constituted 4% of all Bitcoin in circulation at the time. After over a decade, the trustee managing Mt. Gox’s insolvency has recovered approximately 141,000 BTC for distribution to creditors.
As of July 17, more than 36% of the owed Bitcoin has been distributed, according to data from CryptoQuant. The current balance held by the Mt. Gox trustee stands at 47,228 BTC, valued at approximately $3 billion.
The situation remains fluid as creditors await further developments in the ongoing Mt. Gox insolvency proceedings, hoping for eventual recovery from one of the most significant cryptocurrency exchange hacks in history.
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