Mt. Gox Creditors Lean Towards Holding Bitcoin, New Poll Reveals

In a fresh vote on the Reddit MtGox forum, the majority of participants indicated they plan to hold onto their Bitcoin compensation rather than selling it immediately.

What Happened: The survey, which garnered 467 responses, indicates that a majority of participants plan to hold onto their Bitcoin BTC/USD once reimbursement is received.

According to the poll results, 55% of respondents, or 260 individuals, expressed their intention to retain all of their Bitcoin compensation.

This stands in stark contrast to the 18% (88 participants) who plan to sell their entire Bitcoin holdings upon receipt.

The remaining respondents were split between partial selling strategies, with 68 people (14.6%) opting to sell between 1% and 25% of their holdings, and 26 individuals (5.6%) choosing to sell between 25% and 50%.

This poll comes as the latest development in the long-running Mt. Gox saga, which began with one of the most notorious hacks in cryptocurrency history.

Also Read: Hong Kong Pushes For New Stablecoin Legislation

Why It Matters: Mt. Gox, once the world’s largest Bitcoin exchange, handling approximately 70% of all Bitcoin transactions, suffered two major attacks.

The first occurred in 2011, resulting in a loss of about $400,000 worth of Bitcoin.

However, it was the 2014 hack that dealt the fatal blow to the exchange, with cybercriminals making off with approximately $437 million from the platform’s hot wallets.

This voting outcome comes in the wake of the long-awaited distribution of Bitcoin from the defunct Mt. Gox exchange.

Earlier reports revealed that wallets associated with the Mt. Gox Trustee executed a significant transaction involving 48,641 BTC, marking the first substantial movement of Bitcoin in the repayment process.

This transaction moved 36% of the total Bitcoin held by the trustee to the Kraken Exchange, signaling the commencement of the real distribution process.

As of now, the trustee still holds 141,686 BTC to be distributed over time.

This development also coincides with heightened interest and significant discussions in the cryptocurrency industry.

The upcoming Benzinga Future of Digital Assets conference on Nov. 19 will bring together industry leaders, policymakers, and innovators to discuss the future trajectory of digital assets and blockchain technology.

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