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Joey Segura
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Jun 28, 2024
Defunct crypto exchange Mt. Gox is set to finally repay creditors in July.
A series of hacks forced the exchange into bankruptcy in 2014. Fortunately, the company has since recovered nearly $9 billion in Bitcoin (142K Bitcoins) and is set to return them to creditors, who are likely quite anxious to recoup whatever gains they can from their 2014 investments.
Not great news for an already struggling Bitcoin chart, but maybe it's already priced in?
![](https://framerusercontent.com/images/nKmEuNmWVPgub66P0g3VArZkqZk.png)
Similarly, crypto exchange Gemini just began repaying customers that lost access to assets from their failed Earn program that collapsed in early 2023.
They've returned over $2 billion in crypto to 232,000+ retail customers, which ironically resulted in a net gain for the majority of users affected. (Turns out forced diamond hands pay off sometimes.)
Some analysts have pointed at Gemini's repayments as a potential cause for crypto's recent struggles, and Mt. Gox prepping to release 5 times that amount has retail investors (understandably) spooked.
To be fair, $9 billion in sell pressure won't be enough to topple a $1.2 trillion dollar asset, but just to be safe I'll throw an extra $100 in my Giddy account this week to help hold the line.
![](https://framerusercontent.com/images/xAKW1R6fiLC1mSxVpwHVvtceCm8.png)
Looking ahead, it's important to remember that your time horizon is the main factor affecting whether or not you need to be concerned about chart-shaking events like Mt. Gox.
If you've got your rent money in Bitcoin right now, it might be time to review your investment plan (and seek professional help).
But if you've got time and some extra cash on your side, this might just be another opportunity for some discounted Bitcoins.
Just make sure, whether you're buying or selling, you do it through your Giddy wallet so you don't get slammed by exchange fees. 🤝
- Joey Segura