Kelvin Testimony Amachree
Following the infamous hacking incident at Mt. Gox in 2011, the exchange’s trustees have revealed plans to reimburse investors with Bitcoin (BTC) and Bitcoin Cash (BCH) starting in July 2024.
The Rehabilitation Trustee, Nobuaki Kobayashi, has communicated to investors about the upcoming repayments, ensuring a smooth process free from regulatory, technical, and security complications.
The repayments will be conducted systematically, contingent on exchanges’ validations, promoting transparency and fairness among creditors during the payout process.
Investors are urged to remain patient as repayments will be made sequentially based on exchanges’ completion of required information and verification.
This development signifies progress in rectifying the Mt. Gox hack’s legacy, offering long-awaited compensation to investors.
Potential Impact on the Bitcoin Market
The forthcoming distribution of Mt. Gox funds set for July 2024, totaling 142,000 Bitcoin, 143,000 Bitcoin Cash, and 69 billion Japanese yen, has raised concerns over potential selling pressure affecting the Bitcoin market.
Consequently, Bitcoin prices have slumped to $61,458.98 following a 2% decline within an hour, with a substantial 4.62% drop over 24 hours. Bitcoin Cash also witnessed a 4% decrease within an hour, reaching $358.
Investors are vigilant as the Mt. Gox repayments draw near, expecting a possible market downturn due to increased selling pressure resulting from the sudden fund injection.
The looming impact of this significant event is being closely monitored by market participants, preparing for the potential repercussions on the cryptocurrency market.