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Cryptocurrency exchange Mt. Gox, which lost 850,000 Bitcoin (BTC) of investor funds in 2024, plans to begin repaying bankrupt users.
According to Cointelegraph on the 24th (local time), Mt. Gox, a cryptocurrency exchange that went bankrupt due to hacking damage in 2014, announced on its official website, "Nobuaki Kobayashi, the rehabilitation trustee and bankruptcy trustee of Mt. Gox, will begin trading in early July 2024. “We will begin repaying Bitcoin and Bitcoin Cash (BCH) to creditors,” he announced.
In relation to this, Mt. Gox said, "Nobuaki Kobayashi has been preparing to repay Bitcoin and Bitcoin Cash to creditors in accordance with Mt. Gox's rehabilitation plan approved by the court. As preparations are completed, the information necessary for repayment has been exchanged and confirmed. “The currency exchange will begin repayment at the appropriate time,” he explained.
Currently, Mt. Gox plans to repay approximately $9.4 billion worth of Bitcoin to 127,000 creditors. In May 2024, Mt. Gox moved 141,686 BTC (equivalent to approximately $9.62 billion) to a new wallet, the first on-chain fund movement in five years. This diversion took place as part of repayment arrangements and creditors were asked to wait until the recovery trustee completed the repayment process.
Meanwhile, most altcoins, including Bitcoin and Bitcoin Cash, are showing a sharp decline following the news of Mt. Gox's redemption.
According to CoinMarketCap, as of 6:45 p.m. today, Bitcoin is trading at $61,137, down 5.17% from 24 hours ago. Bitcoin fell to $60,675.78 during the day. At the same time, Bitcoin Cash is trading at $354.03, down 9.41%.
In addition, major altcoins are showing a sharp decline, with Ethereum (ETH) falling 5.83%, Solana (SOL) falling 7.01%, and Dogecoin (DOGE) falling 6.89%.
