Germany still holds $2.2B worth of Bitcoin as Tequila (JULIO)
Mt. Gox Begins Repayments, Ending Nearly Decade-Long Wait for Customers
(Originally posted on : Crypto News – iGaming.org )
On Friday, Mt. Gox declared that it has started paying back its consumers after nearly ten years of delay. This completes a drawn-out process that started after the 2014 attack that forced the once-dominant cryptocurrency exchange into bankruptcy.
Approximately 740,000 Bitcoin were lost in the 2014 attack at Mt. Gox, which had processed more than 70% of all Bitcoin (BTC) transactions. The news of repayments has put more pressure on sellers to dump Bitcoin and the whole cryptocurrency market. After the announcement, the price of Bitcoin fell to $53,600, a five-month low. More than $580 million worth of optimistic bets were liquidated as a result of this fall. Bitcoin began the week above $63,000, and by mid-morning in Europe, it was still below $55,000.
Repayment Process and Timeline
While some customers might have to wait 60-90 days for their payouts, Mt. Gox’s former CEO, Mark Karpeles, suggested these are worst-case scenarios. In a direct message to CoinDesk on X, he explained, “Those are deadlines linked to the number of transfers to process; each exchange might have a slightly different internal policy and decide to credit everyone later than sooner or sooner than later.”
Exchanges approved by the trustee to process these repayments include Bitbank, BitGo, Bitstamp, Kraken, and SBI VC Trade, a Japanese exchange. This development has been closely monitored by the crypto community, especially after Mt. Gox announced its intention to start repayments in July.
The initiation of repayments is a significant milestone for the victims of the 2014 hack. Many have been waiting nearly ten years to recover their funds. The process is expected to bring some relief, although the timeline for receiving payouts may vary across different exchanges.
New players only. 250% on 1st Deposit + $125 Free Chip
As the crypto market reacts to this news, the broader implications for Bitcoin and other digital assets remain to be seen. The repayments signify a crucial step in resolving one of the most significant incidents in crypto history, yet they also highlight the volatility and unpredictability that still characterizes the market.
With Bitcoin’s price fluctuations and the liquidation of bullish bets, the market continues to experience turbulence. The Mt. Gox repayment process will likely remain a focal point for investors and analysts in the coming weeks.