Mt.Gox will start paying compensation in July. BTC price fell below $62,000
The trustee of the Mt.Gox exchange, which went bankrupt in 2014, announced plans to begin paying compensation in bitcoins, Bitcoin Cash and cash in early July.
The decision comes amid the completion of the preparatory process - providing technical support, ensuring compliance with regulations in each country and coordinating transfers with each cryptocurrency exchange.
Payments will begin on a first-come, first-served basis to platforms that have confirmed the necessary information.
The market reacted nervously to the publication of the news. Bitcoin failed the $62,000 level on increased volumes. In 15 minutes, the decline in the moment exceeded 2.5%.
The decline in the value of digital gold entailed a fall in quotes of other cryptocurrencies. Hourly rates ranged from 1.7% to 3.4%, according to CoinGecko.
In May 2024, Mt.Gox began actively moving bitcoins for the first time in five years.
In January, the exchange confirmed creditor addresses for compensation. In April, some of the platform's customers reported receiving payments in fiat.
Mt.Gox is expected to distribute assets by October 31, 2024.
Experts from K33 Research concluded that the prospect of a sell-off of bitcoin exchanges is able to "scare the market" and put pressure on the price.
Recall, the process of civil rehabilitation for Mt.Gox users started in June 2018. In 2021, the Tokyo court approved the platform's compensation plan.
The trustee submitted a reimbursement proposal in December 2020. In January 2021, the details of the plan became known, and in February, the court approved it for a subsequent vote.
It started on May 31 and ended on October 20. The reimbursement initiative was supported by about 83% of the exchange's users.
The trustee of the Mt.Gox exchange, which went bankrupt in 2014, announced plans to begin paying compensation in bitcoins, Bitcoin Cash and cash in early July.
The decision comes amid the completion of the preparatory process - providing technical support, ensuring compliance with regulations in each country and coordinating transfers with each cryptocurrency exchange.
Payments will begin on a first-come, first-served basis to platforms that have confirmed the necessary information.
"Please be patient until specific payments are made," the statement said.
The market reacted nervously to the publication of the news. Bitcoin failed the $62,000 level on increased volumes. In 15 minutes, the decline in the moment exceeded 2.5%.
The decline in the value of digital gold entailed a fall in quotes of other cryptocurrencies. Hourly rates ranged from 1.7% to 3.4%, according to CoinGecko.
In May 2024, Mt.Gox began actively moving bitcoins for the first time in five years.
In January, the exchange confirmed creditor addresses for compensation. In April, some of the platform's customers reported receiving payments in fiat.
Mt.Gox is expected to distribute assets by October 31, 2024.
Experts from K33 Research concluded that the prospect of a sell-off of bitcoin exchanges is able to "scare the market" and put pressure on the price.
Recall, the process of civil rehabilitation for Mt.Gox users started in June 2018. In 2021, the Tokyo court approved the platform's compensation plan.
The trustee submitted a reimbursement proposal in December 2020. In January 2021, the details of the plan became known, and in February, the court approved it for a subsequent vote.
It started on May 31 and ended on October 20. The reimbursement initiative was supported by about 83% of the exchange's users.