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Mt.Gox to begin Bitcoin and Bitcoin Cash repayments in July 2024, $9 billion in crypto could flood exchanges

  • Mt.Gox announces repayment of Bitcoin and Bitcoin Cash to creditors in July 2024. 
  • The defunct crypto exchange owes $9 billion in crypto assets lost in the 2014 security breach. 
  • Bitcoin slipped below $62,000, wiping out nearly 3.5% value on Monday. 

Mt.Gox, a defunct cryptocurrency exchange platform, was exploited in 2014. The exchange’s users lost nearly $9 billion in cryptocurrencies. 

An email circulating on X is associated with the defunct exchange, the exchange is set to begin returning creditor funds in July 2024, per a Bloomberg report.

Bitcoin slipped below $62,000 on Monday, losing nearly 3.5% value on the day. 

Mt.Gox email on Bitcoin and Bitcoin Cash payback surfaces

Bitcoin holders are watching developments associated with Mt.Gox creditor payback likely due to the vast difference in BTC price in 2014 and 2024. In 2014, when the exchange went offline shortly after the security breach, users lost over 850,000 Bitcoin worth of funds. 

Shortly after the exchange went offline, Bitcoin dipped to a local low of $420 in February 2014. Bitcoin price is currently above $61,000, on Binance. This puts things in perspective for users who lost their Bitcoin in the hack. 

Following is the email that the exchange sent to users, per news aggregator Tree of Alpha’s tweet on X:

Mt.Gox email

Mt.Gox email 

Should creditors expect a delay?

The crypto analyst behind the handle @MichaelXBT notes that Mt.Gox has made similar assurances and announcements in the past. According to the analyst, there is almost always a delay and there are chances that the payback gets postponed yet again. 

Analyst behind the X handle @CryptoDonAlt comments on how Bitcoin price could react to the Mt.Gox announcement. The analyst says bulls will have to show strength, meaning hold their position, “to reverse the slow bleed.”

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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