This is why October could see a big Bitcoin sell-off.

The discontinued crypto exchange Mt. Gox's bankruptcy trustee has reportedly taken a major step toward facilitating Bitcoin payments.

Several users of the social media platform Reddit have reported that Mt. Gox official website has been updated to include crypto payment options.

Mt. Gox payment of Bitcoin

The latest update has drawn mixed reactions among lenders. While some are skeptical, others speculate that crypto exchange payments may begin earlier than expected, possibly ending before October 31, 2024.

The repayment plan includes distributing 142,000 Bitcoin (BTC), 143,000 Bitcoin Cash (BCH) and 69 billion yen to creditors.

If the repayment plan goes ahead as expected, industry analysts expect more selling pressure in October as lenders liquidate assets. This assumption stems from the long wait of Gox's creditors, nearly a decade after the exchange's collapse.

In particular, there has been an improvement in bank account refunds on the payment front. Reports indicate that in late December 2023, the first Mt. Gox payments, some lenders have been seen receiving double payments.

In the year In 2014, a major hack targeted Matt Gox, a one-time trailblazer in the crypto industry. This resulted in a loss of 850,000 bitcoins, now worth more than $57 billion. After the hack, MT Gox filed for bankruptcy protection and began restructuring proceedings in 2018 to compensate affected creditors.

However, delays and uncertainties due to legal disputes and other hurdles have plagued the process, leaving users at a loss when it comes to getting their money back.

Meanwhile, the payment build is a warning to lenders by Mt.Gox about potentially fraudulent emails. According to the group, the emails purported to be from the restructuring trustee falsely advanced the payment deadline to March 29, 2023, and urged recipients to click on a malicious link to verify their identity.

Read more: 15 most common crypto scams to look out for

As a result, M.T. Gox quickly clarified that these emails were fake and not from the team.

“This email is a fraudulent email impersonating the MTGOX team. The fraudulent email was not sent by a rehabilitation trustee, and the information contained in the fraudulent email is completely false. Accordingly, please ignore the instructions and questions contained in the fraudulent email,” the company added.