Bitcoin is going to dump massively !
Mt Gox 9 billion worth of $BTC dumping
Mt. Gox to Begin Repayments in July.
Defunct bitcoin exchange Mt. Gox announced it will begin repaying victims of the 2014 hack in July 2024, following years of delayed deadlines. Over 140,000 bitcoin will be distributed, potentially adding selling pressure to the bitcoin and bitcoin cash markets.
Nobuaki Kobayashi, the Rehabilitation Trustee, stated on the Mt. Gox website that the repayments will start in the first week of July 2024. He emphasized that due diligence and safety steps are required before the payments can proceed. The repayments, made in bitcoin and bitcoin cash, might lead early investors to sell due to the significant value increase since their initial investments before 2013.
Mt. Gox was once the world’s leading crypto exchange, managing over 70% of all bitcoin transactions. However, in early 2014, a hack resulted in the loss of approximately 740,000 bitcoin, valued at around $15 billion today. This hack was one of several attacks on the exchange between 2010 and 2013.
A repayment plan has been in development for several years. A Tokyo court set a deadline of October 2024 for the repayment process. In May, Mt. Gox moved over 140,000 BTC, worth about $9 billion, from cold wallets to an unknown address in 13 transactions. This marked the first on-chain movement of these funds in five years.
The impending repayments are seen as a factor that could pressure the bitcoin markets. Early investors receiving their assets may sell at least part of their holdings, given the considerable increase in bitcoin's value since they initially acquired it.
The planned repayments mark a significant step in the long-running saga of Mt. Gox, a company that once dominated the crypto exchange world but fell spectacularly due to a major security breach.