After many years of legal battles and uncertainty, Japanese cryptocurrency exchange Mt. went bankrupt in 2014. There is finally a ray of hope for Gox’s victims. In the official statement made by the board of trustees, it was announced that Bitcoin (BTC) and Bitcoin Cash (BCH) refunds will begin at the beginning of July. This development comes as Mt., known as one of the largest hacking attacks in the history of the cryptocurrency market. This is good news for thousands of investors who were victims of the Gox incident. However, for some, it is worrying news due to the danger of sell-off among those who receive payments. Details such as how refunds will work, which crypto exchanges will mediate, and potential risks will be discussed in this article.
Mt. Gox saga continues where it left off
The long awaited news has finally arrived! Mt. Gox is preparing to refund victim users. Mt. In the official statement made by Gox’s rehabilitation trustee on Monday, June 24, it was announced that Bitcoin (BTC) and Bitcoin Cash (BCH) refunds will begin at the beginning of July. A total of 142,000 Bitcoins (about $9.6 billion) and 143,000 Bitcoin Cash (about $66 million) are planned to be distributed to the exchange’s creditors.
In a statement made by the board of trustees last May, which we also reported as Kriptokoin.com, it was predicted that the payments would be completed by October 2024. Bringing this date forward is considered a hopeful development for the victims. The board of trustees announced that the refunds will be made in a certain order, through cryptocurrency exchanges. The exact date and details of the payments will be announced by the relevant cryptocurrency exchanges. Mt. Gox users do not need to register in advance or take any special action to receive refunds.
Fear of selling pressure in cryptocurrencies
The fact that there is a significant difference between the price of Bitcoin in 2014 and its current price causes some concerns about the refunds in the market. Experts predict that users may be encouraged to sell the BTCs they received back, and this may create selling pressure on the price. However, making payments gradually and over a certain period of time is considered a measure to reduce the impact of this risk. Founded in 2010, Mt. Gox was the world’s largest cryptocurrency exchange until a hack in 2014. 850,000 Bitcoins were stolen in the attack, which was equivalent to $450 million at that time. Approximately 20% of the stolen money was later recovered.
This incident was recorded as one of the largest hacking attacks in the history of the cryptocurrency market and Mt. Gox’s bankruptcy. Mt. This development, which Gox victims have been waiting for a long time, may also be an important turning point for the cryptocurrency market. Completing repayments smoothly can help restore investor confidence and stabilize the market. However, it is necessary to closely follow the potential impact of payments on the market and observe the developments carefully.
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