Mt. Gox, the once-dominant crypto exchange, starts repaying users with Bitcoin and Bitcoin Cash after a decade, leading to market worries and price fluctuations. COO of WOO X, Willy Chuang, predicts a short-term impact on the market.
Mt. Gox Begins Repayments in Bitcoin and Bitcoin Cash
July 5, 2024
Mt. Gox, a once-prominent cryptocurrency exchange, has commenced its repayment process, marking the end of a nearly decade-long wait for some users to retrieve their lost cryptocurrencies. The announcement was made on Friday, July 5th, 2024. Mt. Gox, which controlled over 70% of global bitcoin transactions in its early years, declared bankruptcy after a significant hack in early 2014, resulting in the loss of approximately 740,000 BTC.
The exchange has initiated the repayment by transferring 47,228 BTC as part of its effort to return funds to its customers. The move has generated concern in the cryptocurrency market due to potential sell-offs, causing bitcoin prices to drop to $54,000, the lowest level in five months, and resulting in the liquidation of over $580 million in bullish bets.
Willy Chuang, COO of the crypto exchange WOO X, commented on the market reaction, suggesting that while the repayments have induced some immediate market fear, the long-term impact may be less significant as the market adjusts to the selling pressure.
