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Mt. Gox Repayments Finally Coming Next Month

$9 billion in BTC and Bitcoin Cash will be repaid to creditors.
David C David C Jun 24, 20241 min read
Mt. Gox Repayments Finally Coming Next Month

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.

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David C

Written by David C

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David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.

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