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Mt. Gox Repayments Finally Coming Next Month

$9 billion in BTC and Bitcoin Cash will be repaid to creditors.
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Jun 24, 2024 • 1 min read

The former Bitcoin exchange, Mt. Gox announced that repayments of Bitcoin and Bitcoin Cash to creditors will begin in July 2024.

What's the Scoop?

  • Funds to be Distributed: 142K BTC, 143K Bitcoin Cash, and 69B Japanese yen will be distributed to creditors.
  • Market Reaction: The anticipated selling pressure from releasing these funds spooked the market, dropping Bitcoin below $61K on the news, while Bitcoin Cash fell under $350.

Bankless Take

Ten years in the making, the Mt. Gox repayments mark a significant event for crypto. Founded in 2010, Mt. Gox handled 70% of all Bitcoin sales at the time of its hack and subsequent closure in 2014. These repayments from the hack heard around the world have been slated to come multiple times over the years, dating back to 2017. With it finally seeming like creditors will receive their assets this time, it will almost certainly introduce selling pressure to the market since these coins have appreciated incredibly since initial purchases.

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

Published in Bankless

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