Mt. Gox Begins Repayments in Bitcoin and Bitcoin Cash:
Mt. Gox announced on Friday that it has begun repaying customers, concluding nearly a decade-long wait for some users to reclaim their cryptocurrency. The now-defunct crypto exchange was once the leading platform globally, managing over 70% of all bitcoin (BTC) transactions during its prime. The exchange declared bankruptcy following a 2014 hack that led to the loss of approximately 740,000 bitcoins.
The news of the repayments exerted selling pressure on bitcoin and the broader crypto market after Mt. Gox announced last month that it would begin repayments in July. "Mt. Gox moved 47,228 BTC, signaling the start of their repayment process, which has caused some market fear due to the large potential sell-off...However, it's worth noting that despite these concerns, the long-term impact may be less severe as the market gradually absorbs the selling pressure," said Willy Chuang, COO of the crypto exchange WOO X. Bitcoin dropped to $54,000 earlier in the day, marking its lowest level in five months. This plunge led to the liquidation of over $580 million in bullish bets.
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