The cryptocurrency industry isn’t new to hacks and the Mt. Gox incident shook the entire market. This infamous hack took place in 2011, but it is making noise once again. More recently, the trustees of the exchange announced repayments of Bitcoin [BTC] and Bitcoin Cash [BCH] for investors starting July 2024. A notice was sent by the Rehabilitation Trustee Nobuaki Kobayashi.
The Trustee will make sure that any complications will be avoided during the repayment process. This includes financial regulations, technical glitches, and security-related issues. While seeking patience, the Mt. Gox Trustee wrote,
“We will commence the repayments in the order of the cryptocurrency exchanges with which the Rehabilitation Trustee will complete the exchange and confirmation of the required information. Please wait for a while until the repayments are made.”
It should be noted that repayments will follow an order. They will depend on the confirmation of the cryptocurrency exchanges involved. This structured approach will make sure every creditor involved will receive a payout transparently.
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Will This Disrupt the Bitcoin Market?
A total of 142,000 Bitcoin, 143,000 Bitcoin Cash, and 69 billion Japanese yen are expected to be distributed to all the creditors. The release of so many funds at once could cause selling pressure in the Bitcoin market.
Following this news, the market turned red. At press time, BTC was trading at $61,458.98 after nearly dipping by 2% in the past hour. Bitcoin dropped by 4.62% over the last 24 hours. BCH saw a bigger plunge of 4% in an hour and was priced at $358. Investors are certainly on the edge as Mt.Gox repayments are scheduled for next month and the market might tumble.
Also Read: Why Is the German Government Moving Bitcoin [BTC]?