The Japanese exchange that went bankrupt in 2014 begins payments in Bitcoin and Bitcoin Cash after ten years of waiting.
On July 5, Mt. Gox, the well-known Japanese exchange that went bankrupt, announced the beginning of refunds to customers, concluding a ten-year wait. Previously, the exchange had stated its intention to start payments in July.
Yesterday, one of Mt. Gox’s three wallets sent 47,228.7 BTC (approximately $2.71 billion) to an address ending with “6onk.” Other Mt. Gox wallets were involved in small test transactions over the course of a few hours.
In 2014, Mt. Gox declared bankruptcy following a hack attack that resulted in the loss of approximately 740,000 bitcoins.
The refund will be made in bitcoin and bitcoin cash. Repayment times for creditors vary depending on the chosen platform. Those who have chosen Kraken as the exchange for repayment may have to wait up to 90 days, while times for other exchanges could range from a few weeks to three months. The duration depends on each exchange’s procedures for processing bitcoin or bitcoin cash refund requests.
The start of refunds has impacted the cryptocurrency markets, causing the price of Bitcoin to drop to $54,000, the lowest level in the past five months. The decline resulted in the liquidation of more than $580 million in long positions on bitcoin.