Mt. Gox to Begin Repaying Debts in BTC and BCH in July 2024

According to the renowned newspaper Tree News, Mt. Gox is set to begin the distribution of 142,000 Bitcoins and 143,000 Bitcoin Cash to its creditors starting this July.

Mt Gox To Begin Repaying Debts In Btc And Bch In July 2024

On June 24, 2024, Tree News, a crypto news aggregator, reported via Bloomberg that Mt. Gox is set to begin repaying debts in Bitcoin and Bitcoin Cash in early July.

Repay

This move, while not entirely unexpected, is an unavoidable shock to the market. Signs of this event surfaced in May when Mt. Gox transferred its entire holding of Bitcoin, worth $9.6 billion, to a new address. According to the former CEO of the exchange, this transfer was to facilitate the upcoming asset distribution process.

In a report from September 2023, the trustee of Mt. Gox announced that creditors would be repaid with 142,000 Bitcoin and 143,000 Bitcoin Cash, along with fiat currency totaling 69 billion Japanese yen (approximately $510 million), by October 2024.

A portion of the debt in yen was already repaid on April 23, so the upcoming repayments will be in Bitcoin (BTC) and Bitcoin Cash (BCH). The auditing and transfer processes are being expedited, allowing users to receive their assets by early July, rather than waiting until October as initially scheduled.

Related: Experts Predict Bitcoin Could Fall to $50,000

Bitcoin and Bitcoin Cash Price Volatility

This news has hit the market hard, compounding the declines seen at the start of the week. Currently, BTC is trading around $61,300, showing no signs of recovery as the price chart has formed a double-top pattern, which suggests it could potentially drop to $50,000.

Bitcoin

Meanwhile, BCH has experienced a 9% drop over the past 24 hours, now hovering around $380 after briefly touching $345.

Bitcoin Cash

The upcoming repayment event by Mt. Gox could cause significant market turmoil, potentially driving further volatility in Bitcoin and Bitcoin Cash prices in the near future.

0.0/5

Love
  1. Avatar of
    Anonymous

    This is Amazing

  2. Avatar of Lâm Thúy Duyên
    Lâm Thúy Duyên

    Rất ok

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

Binance Announces Listing Of Banana Gun (banana)

News | Altcoin | Editor Choice

Binance Announces Listing of Banana Gun (BANANA)

The Binance exchange has announced the listing of Banana Gun (BANANA), and this is also the first project on the Binance Airdrops Portal!

Azcnews Whales Accumulate Dogecoin Amid Price Recovery

News | Altcoin | Editor Choice

Whales Accumulate Dogecoin Amid Price Recovery

Recently, Dogecoin investors have accumulated over 60 million tokens. Some analysts believe the current price drop is only temporary.

Pixelverse Officially Announces Pixfi Token Airdrop

Editor Choice | Altcoin | News

Pixelverse Officially Announces PIXFI Token Airdrop

The renowned game Pixelverse, which has attracted close to 80 million users, has finally announced an airdrop for the community through PixelTap and the Dashboard.

Azcnews Bitcoin Drops To $64,000 Amid Us Stock Market Plunge

News | Bitcoin | Editor Choice

Bitcoin Drops to $64,000 Amid U.S. Stock Market Plunge

Bitcoin has corrected back below $64,000 as the U.S. stock market experiences a sharp decline.

Claim Dogs Airdrop (update) And Predict Dogs Price

Editor Choice | Airdrops

Get Free Dogs Airdrop (Update) and Predict Dogs Price

Continuing the mission with Dogs on Telegram, participants of the Dogs Airdrop or those who access the platform and connect their TON wallets. Additionally, predict the price of Dogs upon its listing.