Mt. Gox to Begin Repayments in July, Bitcoin Drops

The defunct cryptocurrency exchange, Mt. Gox, announced it will begin distributing assets stolen from clients in a 2014 hack in the first week of July 2024, after years of delays. The repayments will be made in bitcoin (BTC) and bitcoin cash (BCH), potentially adding selling pressure to both markets. Mt. Gox was once the world's top crypto exchange, handling over 70% of all bitcoin transactions. The hack resulted in the loss of an estimated 740,000 BTC ($15 billion at current prices). The repayments are expected to add selling pressure to the BTC market, as early investors will receive assets at a much higher value than their entries before 2013, making them inclined to sell at least a portion of their holdings. Bitcoin prices dropped from over $62,300 in early Asian hours to under $62,100 in the minutes following the release of Mt. Gox's statement. This is the first time Mt. Gox has moved assets in five years and could have a significant impact on the crypto market.