After a long and winding saga, Mt. Gox, the once-dominant crypto exchange ravaged by a massive hack in 2014, is finally initiating repayments to its customers. This means that after nearly ten years, those who lost their Bitcoin in the breach might finally see some light at the end of the tunnel.
Reports are emerging from Mt. Gox customers on Reddit that initial payouts have begun, with some receiving yen deposits via Paypal. However, it seems the process isn't yet universal, as those opting for bank transfers haven't witnessed any movement yet.
This is a momentous occasion for the crypto community, not just for the affected customers but also for the market as a whole. Mt. Gox's hack, which saw 850,000 Bitcoin stolen (now worth a staggering $36 billion), sent shockwaves through the nascent digital asset space. The exchange, once the largest globally, was forced to file for bankruptcy, leaving victims in limbo for years.
UBS reports that the repayment process for the stolen Bitcoin is unlikely to have a significant impact on the market. The recovered funds represent only a fraction of the total amount stolen, and their gradual release over time should prevent major price swings.
Mt. Gox customers will finally receive compensation, providing closure & a chance to move forward.
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