👀 Taking a Look at TOP 10 Bitcoin Holders

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Today’s selection:

• 🗻Update from Mt.Gox

• 😤Learning the Hard Way

• 🔶Top 10 Bitcoin Holders

• 📰Bite-Sized News

• 👌Selected Meme of The Day

Mt.GOX UPDATE

Previously, we covered the Mt.Gox story, and there's a fresh update to share today.

For newcomers: Mt.Gox once stood as the world's leading Bitcoin exchange.

In an unfortunate turn of events, it declared bankruptcy in 2014, following the loss of 850,000 Bitcoin due to a cyber-attack. Since then, its creditors have been embroiled in a prolonged battle for compensation, making the entire ordeal intricate and drawn-out.

In our last update this past March, we mentioned the company setting a new compensation date for September of the current year. The irony is palpable, as today is indeed September, yet no payments have been dispatched.

The Mt.Gox saga has loomed for over a decade, with no indications of coming to a close.

Just last August, rumors regarding Mt.Gox's potential payouts shook the crypto market. The prevailing anxiety centered on a potential deluge of Bitcoin crashing the exchange rate.

Mirroring this sentiment, in February 2023, with imminent payout news, apprehensions resurfaced over Bitcoin's rate plummeting due to an abrupt surge in supply.

However, a glimmer of stability emerged when the platform's two largest creditors opted for cryptocurrency payments, curbing the rampant volatility.

But, as for the latest update, the news came out that the final deadline for compensation payments to Mt. Gox's clients has been deferred to October 31, 2024. 

This development comes straight from the company's trustee, Nobuaki Kobayashi. In his communication with the creditors, Kobayashi emphasized the Tokyo District Court's endorsement of this decision.

However, on a potentially brighter note, Kobayashi hinted at the possibility of some exchange clients securing their compensation by the end of 2023. Still, skepticism remains. There's even speculation that FTX users might see their crypto in their wallets sooner, but that remains to be seen.

TL;DR: Mt.Gox postponed their repayment deadline to October 2024.

LESSONS LEARNED THE HARD WAY

There must have been people who were suspicious of Mt.Gox back in 2013.

They were the ones who trusted their gut and didn’t end up among those unfortunate creditors.

Well, the truth is that trusting one’s gut is NOT the best financial advice.

DYOR is a better idea. Immerse in real trusted, reliable, verified sources. Read articles, explanations, tutorials, or… reviews.

And we, the BitDegree people, understand the value of a good review. Because education and informed decision making is what we’re after.

Thus, let us present to you our latest review. A review of Wirex, the multi-functional crypto platform.

The good, the bad, and the could-be-better. Everything is in one place. Accessible right here.

LET’S TALK ABOUT BITCOIN HOLDERS

Shifting our focus to Bitcoin holders, it's worthwhile to highlight the upper echelon.

Although the data isn't flawlessly precise, Arkham's comprehensive studies have unveiled the following:

The Elite 10 Bitcoin Holders are:

🔶Satoshi Nakamoto = Between 750,000 and 1.1 million BTC
🔶Binance = 643,546 BTC
🔶Grayscale = 627,779 BTC
🔶US Government = 207,189 BTC
🔶Mt. Gox = 200,000 BTC (yeah, this is what’s left from those 850,000)
🔶Bitfinex = 196,252 BTC
🔶Chinese Government = 194,000 BTC
🔶MicroStrategy = 152,800 BTC
🔶Block one = 140,000 BTC
🔶Robinhood = 118,300 BTC

Supplementing this data, several crypto-analytics hubs have disseminated that long-term holders command a staggering 75% of Bitcoin, and not all of them are necessarily market giants. Investors who anchored their trust in Bitcoin and acquired it over 155 days prior represent roughly 70% of the Bitcoin supply (circling around 14 million). Yet, it's crucial to acknowledge the 'long-haul' investors who, as it happened, lost access to their wallets.

TL;DR: It’s been estimated that long-term Bitcoin holders command a staggering 75% of the existing Bitcoin supply.

BITE-SIZED NEWS

• Recently Hacked Crypto Exchange CoinEx Resumes Deposits and Withdrawals. CoinEx rises from the ashes.

• Grayscale Ventures Into Ether Futures With New ETF Application. Grayscale to broaden its investment avenues with a new ETF.

• Optimism to Conduct 160 Million Private OP Token Sale for Treasury Management. Optimism makes an optimistic bet on the future with a $160 million private token sale.

Sounds interesting? Find more crypto news on our website: 

_{SELECTED MEME OF THE DAY}

Disclaimer: This newsletter is strictly educational. None of this information is intended to be financial advice. Always do your research and act responsibly with your profits.