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More Than 140,000 BTC From Mt.Gox Hack to Be Repaid: Market Effect

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Mon, 24/06/2024 - 9:29
More Than 140,000 BTC From Mt.Gox Hack to Be Repaid: Market Effect
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Mt. Gox trustees have announced the start of Bitcoin and Bitcoin Cash repayments for investors, according to BBG. This announcement practically means that we will witness the redistribution of BTC and BCH locked for Mt. Gox investors since the infamous hack in 2011.

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After losing more than 700,000 BTC in a hack, the Mt. Gox exchange, which was formerly the biggest Bitcoin exchange in the world, shut down. Ever since, there have been considerable legal and administrative obstacles in the way of the ongoing process of paying investors. 

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It is a significant turning point in this ongoing problem that repayments are now officially beginning. We might see a significant effect on the market from the redistribution of Mt. Gox funds. The release of these funds may result in significant selling pressure for Bitcoin, which is currently finding it difficult to keep its price above important price levels. 

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The return of Bitcoin and Bitcoin Cash to investors is now in the final stages, according to Mt. Gox trustee Nobuaki Kobayashi. The repayment schedule will start in early July 2024. The trustee has stated that in accordance with the Rehabilitation Plan, the repayments will be made in Bitcoin and Bitcoin Cash. 

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Source: Tree of News Aggregator

Repayments will be executed in collaboration with multiple cryptocurrency exchanges, guaranteeing that the exchange and verification of essential data are finished prior to the money being released. 

Kobayashi underlined that the group has done a lot of work to make sure the repayments are dependable and safe. This involves putting in place technological solutions for safe transactions abiding by financial laws in each nation and working with cryptocurrency exchanges to arrange repayment terms.

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