• The defunct exchange will start repaying users in Bitcoin (BTC) and Bitcoin Cash (BCH) from July 2024.
• Mt. Gox’s rehabilitation trustee, Nobuaki Kobayashi, announced that due diligence and safety measures will precede payments.
• In May, Mt. Gox moved 140,000 BTC (worth $9 billion) from cold wallets, marking the first such movement in five years.

In a long-awaited move, the defunct cryptocurrency exchange Mt. Gox is finally set to begin repaying its users who lost funds during the infamous 2014 hack. The exchange, which once handled over 70% of all Bitcoin transactions, lost a staggering 850,000 bitcoins at the time—equivalent to a jaw-dropping $15 billion in today’s prices.

The rehabilitation trustee for Mt. Gox, Nobuaki Kobayashi, recently announced that repayments will commence in July 2024. The plan is to distribute assets stolen from clients in the form of both Bitcoin (BTC) and Bitcoin cash (BCH). However, before the payments can go through, due diligence and safety measures will be rigorously applied.

For early investors who suffered losses, this development brings a mix of relief and anticipation. Many of them acquired their Bitcoin holdings before 2013 when prices were significantly lower. 

As a result, they now find themselves in possession of assets valued much higher than their initial entries. Understandably, some may choose to sell at least a portion of their holdings, potentially adding selling pressure to Bitcoin.

The Long Awaited Repayment Plan

The repayment plan has been in the works for several years, with trustees working diligently to ensure a fair distribution. Last year, a Tokyo court set an October 2024 deadline for the process. 

In May, Mt. Gox made headlines by moving over 140,000 BTC (worth approximately $9 billion) from cold wallets to an unknown address in 13 transactions. These on-chain wallet movements marked the first such activity in five years.

As the news broke, bitcoin prices experienced a slight dip—from over $62,300 to just under $62,100. Nonetheless, the prospect of restitution for thousands of investors who suffered losses in the hack is a significant step forward for the crypto community.

Read Also 

• Mt. Gox Repayment Drama: Creditors Left Hanging?
• MT. Gox Investment Fund’s Bitcoin Hold Fuels Debate Over Crypto Market Stability
• US Govt Allegedly Liquidating Mt. Gox BTC: Market Feels the Pressure
• MT Tower Elevates the Metaverse Experience: Listed on MEXC Exchange and Redefining Engagement, Authenticity, and Inclusivity
• Genesis Begins Billions in Crypto Repayments: Will Markets Feel the Ripple?

The post Mt. Gox Set to Commence Bitcoin and Bitcoin Cash Repayments in July 2024 appeared first on Crypto News Land.

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