Finance

Mt. Gox to Start $9 Billion Bitcoin and Bitcoin Cash Repayments in July

Jun 24, 2024 1 min read

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Mt. Gox, the defunct cryptocurrency exchange that lost 850,000 Bitcoin in a 2014 hack, is set to begin repaying its former users in Bitcoin (BTC) and Bitcoin Cash (BCH) starting in July 2024. Rehabilitation Trustee Nobuaki Kobayashi confirmed that repayments will be made through specific cryptocurrency exchanges, with the order of payments dependent on the readiness of these exchanges and the accurate information provided by recipients.

The total repayments amount to 142,000 BTC, 143,000 BCH, and ¥69 billion (approximately $432 million). The repayment process has been in preparation for several years, involving technical safeguards to ensure secure transactions. Kobayashi has emphasized the importance of a secure and orderly payment process and has asked users for patience.

The announcement follows a significant movement of funds in May 2024, where over 140,000 BTC was transferred from Mt. Gox-linked wallets to an unknown address. The news has impacted the cryptocurrency market, with Bitcoin declining by nearly 3% and many altcoins trading with significant losses. Despite the anticipated relief for thousands of investors, the exact timeline for the completion of repayments remains uncertain.

#cryptocurrency #bitcoin #tech #markets

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