U.Today – Mt. Gox trustees have announced initiation and repayments for investors, according to BBG. This announcement practically means that we will witness the redistribution of BTC and BCH blocked for Mt. Gox investors since the infamous 2011 hack.
After losing over 700,000 BTC in a hack, the Mt. Gox exchange, previously the largest Bitcoin exchange in the world, closed. Since then, there have been considerable legal and administrative obstacles in the process of paying out investors.
The fact that payments are now officially beginning is an important turning point in this current problem. We could see a significant effect on the market due to the redistribution of Mt. Gox funds. The release of these funds may generate significant selling pressure for Bitcoin, which is currently struggling to maintain its price above important levels.
The return of Bitcoin and Bitcoin Cash to investors is now in the final stages, according to Mt. Gox administrator Nobuaki Kobayashi. The payment schedule will begin in early July 2024. The administrator has stated that in accordance with the Rehabilitation Plan, repayments will be made in Bitcoin and Bitcoin Cash.
Refunds will be executed in collaboration with multiple cryptocurrency exchanges, ensuring that the exchange and verification of essential data is completed before the money is released.
Kobayashi stressed that the group has worked hard to ensure that payments are reliable and secure. This involves implementing technological solutions for secure transactions that respect the financial laws of each country and working with cryptocurrency exchanges to agree on payment terms.
This article was originally published on U.Today.
