Mt. Gox confirms Bitcoin, Bitcoin Cash repayments have begun

Key Takeaways

• Mt. Gox has commenced the distribution of Bitcoin and Bitcoin Cash to its creditors.
• The initiation of repayments by Mt. Gox is exerting downward pressure on Bitcoin market prices.

Mt. Gox, once the dominant force in the crypto exchange world, has commenced the distribution of Bitcoin and Bitcoin Cash to its creditors, marking the end of a nearly decade-long wait.

Mt. Gox confirmed that it started the repayment process

The process began this July, following last month’s announcement of the repayment plan.

At its peak, Mt. Gox handled over 70% of all Bitcoin transactions globally but fell into bankruptcy in 2014 after a severe hack led to the loss of approximately 740,000 BTC.

The recent move to release funds to former users has introduced additional selling pressure in the Bitcoin market, reflecting the ongoing impact of the exchange’s historical significance.