According to U.Today, Mt. Gox trustees have initiated the repayment process of Bitcoin and Bitcoin Cash to investors. This move marks a significant step in the redistribution of BTC and BCH that have been locked since the notorious 2011 hack. The Mt. Gox exchange, once the largest Bitcoin exchange globally, had to shut down after losing over 700,000 BTC in the hack. Since then, the process of repaying investors has been hindered by numerous legal and administrative challenges.
The commencement of repayments is a crucial turning point in this ongoing issue. The redistribution of Mt. Gox funds could potentially have a significant impact on the market. The release of these funds might lead to substantial selling pressure for Bitcoin, which is currently struggling to maintain its price above key levels.
The return of Bitcoin and Bitcoin Cash to investors is now in the final stages, as stated by Mt. Gox trustee Nobuaki Kobayashi. The repayment schedule is set to begin in early July 2024. According to the Rehabilitation Plan, repayments will be made in Bitcoin and Bitcoin Cash.
The repayments will be carried out in collaboration with multiple cryptocurrency exchanges, ensuring the completion of essential data exchange and verification before the funds are released. Kobayashi emphasized that the team has put in a lot of effort to ensure the repayments are reliable and secure. This includes implementing technological solutions for safe transactions that comply with financial laws in each country and collaborating with cryptocurrency exchanges to set up repayment terms.