Mt. Gox to Repay Creditors in Bitcoin and Bitcoin Cash, BTC Price Drops 5%

In an important development, the defunct crypto exchange Mt. Gox announced it will begin repaying creditors in Bitcoin and Bitcoin Cash starting next week.

Defunct crypto exchange Mt. Gox will start repaying creditors in Bitcoin (BTC) and Bitcoin Cash (BCH) from July 2024, as per an important development announced by the exchange. This repayment will partially fulfill claims stemming from its 2014 collapse.

Mt. Gox will begin repaying creditors who have completed the necessary information exchange and confirmation procedures. The exchange will make the repayments in stages and has advised creditors to exercise patience throughout the gradual process. Mt. Gox will distribute nearly $10 billion in BTC and BCH, but the timeline for complete disbursement remains unclear.

Mt. Gox, once the world’s largest crypto exchange, filed for bankruptcy in 2014 after revealing that hackers had stolen $460 million from its online coffers. This news sent shockwaves through the Bitcoin community, uncovering a chaotic mix of poor management, neglect, and inexperience. Leaked documents later suggested that hackers had been quietly siphoning money from the company for years.

The announcement had an immediate impact on Bitcoin’s price. Shortly after the news, Bitcoin was corrected by 5%, dropping below the $64,500 mark. This news comes as Bitcoin is facing increasing selling pressure, with BTC recently slipping under the $63,000 mark.

This price drop raises questions about how creditors will handle their newfound assets. Considering the substantial appreciation in Bitcoin’s value over the past decade, some creditors may choose to sell, potentially adding more pressure to the market.

At the time of writing, Bitcoin is trading at $62,620. Over the last 30 days, BTC has seen a -12% change in its price, while its 7-day and 24-hour changes stand at -7.3% and -5.0%, respectively.

Mt. Gox’s announcement has caused a significant drop in Bitcoin’s price, with the market reacting swiftly to the news. As repayments commence, the market will be closely observed for further developments.

Stay tuned to Coinpedia for the latest updates on this!

News source：https://www.kdj.com/cryptocurrencies-news/articles/mt-gox-repay-creditors-bitcoin-bitcoin-cash-btc-price-drops.html

The above is the detailed content of Mt. Gox to Repay Creditors in Bitcoin and Bitcoin Cash, BTC Price Drops 5%. For more information, please follow other related articles on the PHP Chinese website!