Mt. Gox, the defunct crypto exchange, announced it will begin distributing $9 billion in Bitcoin (BTC) and Bitcoin Cash (BCH) repayments starting in July 2024.
This news caused Bitcoin’s price to drop over 5% to $61,043. Creditors, who have waited over ten years since the 2014 hack that resulted in the loss of 740,000 BTC, will finally receive compensation.
Mt. Gox Rehabilitation Trustee Nobuaki Kobayashi confirmed the repayment plan, highlighting safe and reliable distribution.
The announcement led to immediate market reactions, with BTC slightly recovering to $61,338 and BCH dropping 9% to $352.86.
The repayments are expected to add selling pressure to the Bitcoin market, and the plan is set to meet the October 2024 deadline from a Tokyo court.
Image Credit: Pixabay
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