After years of delays and uncertainty, Mt. Gox, one of the first Bitcoin exchanges, is preparing to redistribute funds stolen in the 2014 hack.
Mt. Gox Hack: Billions of Dollars to Repay
Legacy Bitcoin exchange Mt. Gox is finally starting the refund process for customers harmed by the 2014 hack, an event that could have a significant impact on the price of BTC.
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This announcement, made by rehabilitation trustee Nobuaki Kobayashi in the morning, marks the start of a process long awaited by the platform's creditors and former clients.
The distribution of these Bitcoins, estimated at more than 8 billion dollars (taking into account the current value of Bitcoin), could have significant consequences on the cryptocurrency market.
Indeed, some of the investors concerned could be led to want to quickly make profits with the return of their Bitcoin. An action which could lead to selling pressure on the market and therefore mechanically a drop in prices.
Forecasts, however, tempered by Brad Howell, managing director of market maker Keyrock UK. According to him, the crypto market could easily cash in on possible sales.
“ It's fair to assume that anyone who had assets at Mt. Gox is an early adopter, and more likely to be a Bitcoin max ,” he clarified, before continuing: “ Don't expect large volumes to be sold on day one. »
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A hack that marked the history of Bitcoin and cryptocurrencies
Mt. Gox was once the world's largest Bitcoin exchange, responsible for more than 70% of BTC transactions in its early days.
In 2014, a hack resulted in the theft of 740,000 Bitcoins, approximately $592 million at the time (the price of BTC was then around 800 dollars).
This hack is and will probably remain one of the most important in the history of cryptocurrencies. At the time, it dealt a major blow to the confidence of early investors in the sector and contributed to the fall in the price of Bitcoin.
The start of reimbursements by Mt. Gox marks a turning point in the casewhich is now more than 10 years old.
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If this news raises hope among former customers of the platform, it also raises questions about its potential impact on the price of Bitcoin. The crypto industry will likely be watching developments closely in the coming weeks and months.
According to our informationthe reimbursement process will be complex and could extend over several months, probably until next October.
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