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On June 24, the Mt. Gox rehabilitation trustee issued a letter regarding repayments to creditors commencing at the beginning of July 2024.Additionally, the process involved technical safeguards, adherence to various countries’ financial regulations, and discussions with cryptocurrency exchanges, according to the letter.
Repayments will be made through trading platforms, starting with those that have completed the necessary information exchange and confirmation process with the Trustee. Creditors were advised to wait patiently as the repayments in BTC and BCH were processed. Mt. Gix became insolvent after a hack that led to the theft of 850,000 BTC, valued at $460 million at the time of the incident in 2014.a payment option that would allow them to receive a lump sum of their recovery payout in BTC rather than fiat.several large BTC movements associated with Mt. Gox in late May. They cautioned that this could put selling pressure on Bitcoin markets.
This latest news has already sparked concern over large amounts of Bitcoin entering markets that have already turned bearish.“Gonna be interesting to see how price reacts to the Mt. Gox announcement. Bulls need to show significant strength to reverse this slow bleed. If they can’t, the bottom of the range may just fall out.”. Miners sold over 30,000 BTC worth around $2 billion in June, “the highest amount this year, dropping reserves to a 14-year low,” said analyst ‘Carl B Menger.
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