Mt. Gox Begins Repaying Bitcoin and Bitcoin Cash After 10-Year Wait

Mt. Gox, once the world’s leading crypto exchange, has initiated repayments to customers affected by a 2014 hack that resulted in the loss of 740,000 BTC. This marks the end of a nearly 10-year wait for some users to reclaim their crypto assets.

The announcement of repayments, starting in July, triggered selling pressure in the crypto market, particularly affecting Bitcoin’s price which fell to $53,600, its lowest in five months. Over $580 million in bullish bets were liquidated amidst market uncertainty.

Despite concerns about a potential sell-off due to Mt. Gox’s repayment of 47,228 BTC, experts believe the long-term impact on the market may be moderated as it absorbs the selling pressure gradually.

Approved exchanges for processing repayments include Bitbank, BitGo, Bitstamp, Kraken, and SBI VC Trade, with estimated payout times ranging from 60 to 90 days. Mark Karpeles, Mt. Gox’s former CEO, clarified varying internal policies could affect payout timelines.

This development underscores significant implications for Bitcoin and the broader crypto landscape as market dynamics react to Mt. Gox’s repayment process.