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Mt. Gox to begin payments in July

BTC slides below $61,000

The defunct crypto exchange is supposed to return more than 140,000 bitcoins to victims of the 2014 hack.

Defunct bitcoin exchange Mt. Gox said Monday it will begin distributing assets stolen to customers in a 2014 hack in the first week of July, years after continually changing deadlines.

"The Rehabilitation Trustee has been preparing to make payments in Bitcoin and Bitcoin Cash under the Rehabilitation Plan," trustee Nobuaki Kobayashi said in a Monday statement posted on the Mt. Gox website.

"Refunds will be made starting in early July 2024," Kobayashi said, adding that due diligence and certain security measures will be required before payments are made.

The redemptions are largely seen as adding selling pressure to bitcoin (BTC) markets, as early investors will receive assets at a much higher value than their inflows before 2013, inclining them to sell at least one part of their share, the merchants said.

Mt. Gox was once the world's leading crypto exchange, handling over 70% of all bitcoin transactions in its early years. In early 2014, hackers attacked the exchange, resulting in the loss of approximately 740,000 bitcoins ($15 billion at current prices). The hack was the largest of many attacks on the exchange in the years 2010-13.

In May, the exchange moved more than 140,000 BTC, worth around $9 billion, from cold wallets to an unknown address in 13 transactions for the first time, marking the first on-chain wallet movements for the first time in five years.

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