The post The exchange Mt. Gox announces the start of payments in BTC and BCH appeared on BitcoinEthereumNews.com.

After years of uncertainties and legal complications, the exchange Mt. Gox has finally announced the start of payments in Bitcoin and Bitcoin Cash to its creditors, scheduled for July 2024.  This news has attracted the attention of the entire cryptocurrency world, raising questions about what it could mean for the market and for individual investors. The historical context of the Mt. Gox exchange and the announcement of Bitcoin payments In the cryptocurrency landscape, few stories have caused as much sensation as the collapse of Mt. Gox, the Bitcoin exchange that, at its peak, handled over 70% of global Bitcoin transactions and payments. Founded in 2010, Mt. Gox quickly became the largest Bitcoin exchange platform in the world. However, in February 2014, the company declared bankruptcy after losing approximately 850,000 Bitcoin, presumably due to hacking and poor fund management. This event marked one of the largest losses in the history of criptovalute, causing a significant drop in the price of Bitcoin and a loss of confidence among investors. After the collapse, a long legal battle began to recover the lost funds and reimburse the creditors. Mark Karpeles, the CEO of Mt. Gox at the time, was involved in various legal proceedings, some of which are still ongoing. In the meantime, the creditors have patiently awaited a resolution, hoping to recover at least a portion of their funds. In June 2024, Mt. Gox announced that it will start reimbursing its creditors starting from July of the same year. The reimbursements will be made in both Bitcoin (BTC) and Bitcoin Cash (BCH), two of the main cryptocurrencies. This decision represents a significant turning point in the long saga of the Mt. Gox bankruptcy, offering a ray of hope to those who lost substantial amounts of money. Impact on creditors and the crypto market…

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Filed under: News - @ June 24, 2024 9:10 pm