Mt. Gox, the bankrupt crypto exchange, is set to distribute $9 billion worth of Bitcoin to its creditors in July 2024.recent uptick in price has resulted in a surge of optimism across the crypto markets. However, this optimism could be short-lived.A decade after a devastating hack, a collapsed Bitcoin exchange is finally returning billions of dollars worth of cryptocurrency to its users.
The payout totals nearly $9 billion in tokens, a fraction of the 650,000 to 950,000 bitcoins stolen in 2014. Back then, those missing coins represented a much smaller sum, but at today’s prices, they would be worth upwards of $59 billion. The repayments will be made in a combination of Bitcoin and Bitcoin cash, an early variant of the original cryptocurrency.
Last week, prices plummeted to $59,000, marking the second-worst weekly decline of the year. The mass influx of bitcoins from Mt. Gox could further dampen the price, causing anxiety among some investors.Even though the Mt.Gox dump may impact BTC prices in the short term, institutional investors and crypto whales haven’t lost interest in BTC. This was showcased by the high number of ETF inflows seen over the last 24 hours.
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