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Market Effect: TradingView News
According to BBG, Mt. Gox administrators have announced the start of Bitcoin and Bitcoin Cash refunds for investors. This announcement pretty much means that we will see the redistribution of BTC and BCH that have been locked to Mt. Gox investors since the infamous 2011 hack.
After losing more than 700,000 BTC in a hack, the Mt. Gox exchange, which was once the largest Bitcoin exchange in the world, has shut down. Since then, there have been significant legal and administrative obstacles in the process of paying investors.
The fact that refunds are officially starting now is a significant turning point in this ongoing problem. We may see a significant effect on the market from the redistribution of Mt. Gox funds. The release of these funds could lead to significant selling pressure for Bitcoin, which is currently struggling to maintain its price above important price levels.
According to Mt. Gox trustee Nobuaki Kobayashi, the return of Bitcoin and Bitcoin Cash to investors is now in the final stages. The repayment plan will begin in early July 2024. The trustee stated that, in accordance with the rehabilitation plan, repayments will be made in Bitcoin and Bitcoin Cash.
U.Today
Source: News Tree Aggregator
Refunds will be executed in collaboration with multiple cryptocurrency exchanges, ensuring that the exchange and verification of essential data are completed before the money is released.
Kobayashi stressed that the group has done a lot of work to ensure that refunds are reliable and safe. This involves implementing technology solutions for secure transactions in compliance with each nation’s financial laws and working with cryptocurrency exchanges to agree on refund terms.