2024-07-05
Mt. Gox has started repayment to customers. This marks the
end of a near 10-year long wait for some users to get their crypto back.
Mt. Gox stated that the process of repaying its creditors starting from July 5. The repayment is being made in Bitcoin (BTC) and Bitcoin Cash (BCH).
The rehabilitation trustee, Nobuaki Kobayashi,
has indicated that the repayments will be made in Bitcoin (BTC) and Bitcoin
Cash (BCH). The total amount to be distributed includes around 142,000 BTC,
143,000 BCH, and 69 billion Japanese yen, totaling roughly $9 billion
The exchange went bankrupt after a hack in early 2014
resulting in the loss of an estimated 740,000 bitcoin.
The news of the repayment has added selling pressure on Bitcoin and the crypto market overall.
Before the repayments, Mt. Gox transferred bitcoin worth
$2.71 billion to a new wallet address. This was the exchange’s first major
transaction since May.
It’s important to note that selling pressure from Bitcoin
Cash (BCH) and lack of liquidity is the story to watch once Mt. Gox begins
redemptions.
