Last updated: 24.06.2024 – 18:35
Bankrupt crypto exchange Mt. gox, made a statement. In this context, it announced that it would begin distributing assets stolen from customers during a hacking incident in 2014. This process will begin in the first week of July. This significant development comes after years of delays and changing deadlines.
Mt. Big News from Gox
According to the published memo, Mt. “As the Rehabilitation Trustee, we are preparing to issue repayment in Bitcoin and Bitcoin Cash under the Rehabilitation Plan,” said Nobuaki Kobayashi, chairman of Gox’s board of trustees. Kobayashi also emphasized that due care should be taken and certain security steps should be taken before payments are made.
These repayments are available to the market, especially BitcoinThere is a possibility that it will bring selling pressure to . Initial investors will receive assets worth much higher than their original investment. Therefore, many people are likely to choose to sell at least some of their assets.
The hacked platform is the world’s leading platform that once handled more than 70% of all Bitcoin transactions. crypto- It was the stock exchange. In early 2014, hackers broke into the exchange, causing the loss of approximately 740,000 Bitcoins, which today are worth approximately $15 billion. This attack was the largest attack on the stock market between 2010 and 2013.
What is the plan?
According to reports, Mt. Gox’s trustees have been working on a repayment plan that has been ongoing for several years. Last year, a court in Tokyo set a deadline of October 2024 to complete this process.
In May, the exchange moved more than 140 thousand BTC (worth approximately $9 billion) from cold wallets to an unknown address. This was the first on-chain wallet transaction in five years.
Mt. After the statement from Gox, Bitcoin prices fell below the $ 62,000 level. BTC has lost approximately 12% of its value in the last 30 days. The largest cryptocurrency is trading at an average of $61,301 at the time of writing. However, it is still up 45% since the beginning of the year (YTD), with a market cap of $1.2 trillion.
Bitcoin’s price trajectory has varied this month. After rising near its all-time high of nearly $70,000 in March, it is now down to $63,000. This decline separated Bitcoin from the Nasdaq’s continued rise as miners’ selling accelerated.
Markus Thielen, founder of 10x Research, said: “Technically, Bitcoin appears to be following a double top formation, while the support level is being tested. This chart pattern should be our base case unless it becomes invalid. “This formation can easily see a drop to $50,000, if not $45,000,” he commented.
