thenewscrypto.com
- Mt. Gox has announced repayments to investors in BTC and BCH.
- Following the announcement, Bitcoin immediately declined to $60,567.
- Mt. Gox transferred over 140,000 BTC, worth around $9 billion, on May 28.
Mt. Gox, the infamous Bitcoin exchange that lost over 850,000 BTC in a 2014 hack, will start repaying its defunct users. The rehabilitation trustee stated that repayments in Bitcoin (BTC) and Bitcoin Cash (BCH) will commence in July 2024, bringing a sense of closure to investors who have waited over a decade for repayments.
The announcement has had an immediate effect on the Bitcoin market. Following the news, Bitcoin dropped straight to $60,567, falling over 4.37% in the last 24 hours. This decline reflects the market’s concern over potential selling pressure as large amounts of BTC are reintroduced into circulation.
On May 28, wallets associated with Mt. Gox transferred over 140,000 BTC, valued at approximately $9 billion, to an unknown address. This transfer created mixed sentiments in the market, resulting in a minimal trading month in June.
Mt. Gox Recovery Efforts
The repayment plan, initially scheduled for October 31, 2024, has been eagerly anticipated by the crypto community. The adjustment to an earlier date signifies progress in the long-standing legal and financial processes surrounding Mt. Gox’s collapse.
Mt. Gox, once the world’s leading Bitcoin exchange, was hacked in 2014 and lost over 850,000 BTC. After years of legal battles, Japanese authorities approved a rehabilitation plan in 2021, allowing creditors to recover some of their lost funds through a process called “civil rehabilitation.”
Highlighted News of the Day
What’s Behind the Sharp Decline in Major Cryptos?