Breaking News: Mt. Gox to Pay Creditors $9.2 Billion in Bitcoin and Bitcoin Cash Starting July 2024

Mt. Gox, the high-profile Japanese cryptocurrency exchange, announced that it will begin distributing recovered BTC and BCH to creditors starting July 2024. The move marks a major development in the Mt. Gox exchange's recovery strategy since its collapse in 2014 following a major cyberattack.

According to court records and creditor reports, Mt. Gox will distribute the following amounts:

142,000 Bitcoins from the 2014 theft, currently valued at nearly $8.8 billion at $62,000 per BTC.

Another 140,000 Bitcoin Cash, valued at nearly $400 million at the current price of about $650 per BCH.

Although the exact distribution time has not yet been determined, creditors can expect to receive a corresponding share based on their percentage of confirmed claims.

According to the notice, the reorganization trustee has completed the necessary exchange and confirmation process with cryptocurrency exchanges, so the repayment will be processed through these exchanges. This news undoubtedly brings long-awaited dawn to creditors who have been waiting for Mt. Gox compensation for many years, and also marks that the cryptocurrency industry has made important progress in solving historical problems.

Possible market effects

Mt. Gox's upcoming compensation may trigger a series of potential and complex reactions in the Bitcoin market. If a large amount of BCH suddenly enters the circulation market, its price may be suppressed. On the other hand, if more creditors choose to sell or trade BCH, this may offset some of the downward pressure on prices.

The market effect of BTC is more ambiguous. Given that the current circulating BTC accounts for only a very small part of the total supply, this distribution is unlikely to have a significant impact on the price. The overall attitude of Mt. Gox's recovery plan may immediately affect the market's view of Bitcoin.

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