Mt. Gox to Distribute $9B in Bitcoin, Bitcoin Cash Starting July 2024

Following the announcement, Bitcoin dropped over 5% and currently trades at $61,043.

Bankrupt crypto exchange Mt. Gox will begin distributing $9 billion in bitcoin ($BTC) and bitcoin cash ($BCH) from the beginning of July, finally providing some relief to creditors who have waited over ten years to receive funds stolen in a 2014 hack.

Following the announcement, Bitcoin dropped over 5% and currently trades at $61,043.

After years of waiting, Mt. Gox creditors will finally receive some good news. According to the latest announcement from the exchange’s trustee, Nobuaki Kobayashi, the exchange will begin distributing $9 billion in bitcoin ($BTC) and bitcoin cash ($BCH) from the beginning of July.

The announcement comes after years of legal battles and delays, with creditors having to wait nearly a decade to receive their funds following the exchange’s 2014 hack.

The exchange was once the largest bitcoin exchange in the world, handling over 70% of global trades at the time. However, the exchange was forced to file for bankruptcy after losing 850,000 BTC in the hack.

The stolen funds were valued at around $450 million at the time, but have since appreciated to over $9 billion. Creditors will now receive their share of the recovered funds, which will be paid out in two installments.

The first installment will be paid out in July, while the second installment will be paid out at a later date, subject to approval from the Tokyo District Court.

“The specific method of repayment will be announced after due diligence and the implementation of specific safety measures by the rehabilitation trustee,” Kobayashi said in the announcement.

“The timing of the repayment may be affected by the due diligence and safety measures.”

The repayment plan has been in the works for several years and finally received a deadline of October 2024 from a Tokyo court last year.

The large sum of money being repaid to creditors has sparked concerns over selling pressure in the Bitcoin market. Early Mt. Gox investors will be receiving repayments worth far more than their initial investment, due to the massive appreciation in bitcoin’s price since 2014.

It is likely that many creditors will choose to sell at least a portion of their holdings, which could put downward pressure on the price of bitcoin.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

This content was originally published on Crypto Daily

News source：https://www.kdj.com/cryptocurrencies-news/articles/mt-gox-distribute-b-bitcoin-bitcoin-cash-starting-july.html

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