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Mt. Gox to Begin $9 Billion Bitcoin, Bitcoin Cash Repayments in July 2024 as Bitcoin Falls Below $61,000

Jun 24, 2024, 09:17 AM

The trustee of the defunct cryptocurrency exchange Mt. Gox, Nobuaki Kobayashi, has announced that repayments in Bitcoin and Bitcoin Cash will begin in early July 2024. The exchange, which collapsed in 2014 following a massive hack, owes creditors over $9 billion in Bitcoin and Bitcoin Cash. The repayments will include approximately 142,000 BTC, valued at around $8.7 billion, and 143,000 BCH, valued at $51 million. The announcement has led to a significant drop in Bitcoin's price, which fell below $61,000 following the news. Relevant technical measures have been implemented to ensure compliance during the repayment process.