140k BTC (~$3b) will be released as repayments for the once-dominating exchange Mt. Gox by end of this month. Will this pull crypto down?

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140k BTC (~$3b) will be released as repayments for the once-dominating exchange Mt. Gox by end of this month. Will this pull crypto down?

Mt. Gox is an ancient name in crypto. To out it simple they were the biggest, by far biggest, crypto exchange in 2014 with about 80% market share. All until they pulled the rug and took the money from their users in a scam. Probably the biggest scam in crypto so far. Now 8 years later the Mt. Gox trustee is setting up to do repayments to its users. Their current fund is about 140k BTC.

Now will this affect crypto? And BTC just gets into a free fall after another $3b gets loaded off in end of this month?

Firstly, why would this happen? Well because a lot of troubled users who bought crypto very early on would be receiving their Crypto back. But now the prices are at a 10000000x (or so) when they last had the asset and lost. So obviously they had grief and now having the assets back could make them up to immediately sell those for a massive profit.

Eventhough not all be receiving their Crypto back as just BTC and BCH will be delivered no other forks. It's not predictable how these people who receive it will act but we can be sure for some downside pressure once the repayments happen but likely nothing that starts a blood bath.

submitted by /u/partymsl
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