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Coinspeaker Mt.Gox Unveils $9B Bitcoin Repayment Plan by July After almost ten years of waiting, customers of the defunct crypto exchange Mt.Gox are finally on track to get their Bitcoin (BTC) and other funds back. On Monday, June 24, Mt.Gox announced plans to commence the distribution of assets to its affected users in a 2014 crypto hack. According to the exchange, the repayment is scheduled to take off in the first week of July 2024 after a series of deadlines that were later postponed. Mt.Gox Repayment and Bitcoin Selling Pressure The Rehabilitation Trustee Nobuaki Kobayashi wrote on the Mt.Gox website that “the Rehabilitation Trustee has been preparing to make repayments in Bitcoin (BTC) and Bitcoin Cash (BCH) under the Rehabilitation Plan,” adding that the preparations are finally in place. Kobayashi reiterated that due diligence and some other safety steps must first be carried out before any payment is made to a customer. The repayment will be done in collaboration with cryptocurrency exchanges that Kobayashi has completed the exchange and confirmation of required information for implementing the repayment. There are concerns that repayment will exert selling pressure on Bitcoin (BTC), a sentiment that the market is already experiencing. For context, these early investors are very likely to receive assets at a much higher value than their entries before 2013. This could incline them towards selling a part of their holding, according to some traders’ opinions. Bitcoin price is currently heading further below $65,000. At the time of this writing, the leading cryptocurrency was trading at $62,254.68 with a 3.26% decrease within the last 24 hours. It is not certain how further below or above this level the coin could go. It is worth noting that BTC traded higher than this level in the earlier hours of today but plunged to its current level…

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Filed under: News - @ June 25, 2024 12:28 am